Data trends — rising external debt, high current budget deficit, and shrinking GDP — have been warning that Greece was headed for trouble, and, moreover, that Portugal may be headed down the same path. On the other hand, Spain, Italy, and the UK appear to be on more solid footing. Our analysis shows that productivity is not to blame for the financial turmoil. We also note that the Greek bailout is weakening the euro, boosting export-driven eurozone economies, like Germany’s.