Greek skies are dark.

Greece is still in a sticky situation. When the IMF members meet this week, they will decide on the fate of this Mediterranean country, and how to deal with its onerous debt.

If Greece defaults on its debt and drops out of the Euro zone, the complications for business around the world could be catastrophic. Default could become contagious and spread to Portugal, Ireland, Spain, and even Italy.

Greece is deeply entrenched in its uncompetitive, profligate ways. Even if it doesn’t default, which it hopefully will not, it faces years of debt restructuring ahead. The Economist argues that its $159 billion bailout package will not be enough. The prime minister, George Papandreou, hopes that the IMF and EU voters will be able to rustle up another $100 billion or so to prop the country until the middle of this decade, when the EU will have a better plan for what to do with the fiscally insolvent. But the rest of Europe (ahem, Germany) will be irate if this happens.

The best option for Greece is an entire debt restructuring. That would mean big losses for Greek banks and other Europeans as well as more influence from Brussels and the IMF, which could be a good thing for European fiscal policy. Here’s hoping.