Who do you want to bet with? A tenured skiing professor, or me?

Sachs is much more positive about the ability to bring PIIGS deficits under control and avoid restructuring than other commenters. Unfortunately, he doesn't elaborate on the reasons for such optimism.  

The real reason I posted this, though, is because of the beating Sachs takes for being an academic.  First, Hendry makes fun of Sachs' position as a tenured professor unexposed to the risk of the world.  Then, he accuses him of skiing too much.

(HT: PK)