Now this makes more sense…
The EU is trying to pressure Ireland to take aid even though it has no immediate cash needs in order to keep the tottering European debt-dominoes from falling.
Yesterday, the reports were that Ireland was seeking aid from the EU, which did not make sense since Ireland is funded through the middle of 2011 at present.
Ireland and Portugal are just sideshows…The EU very much wants to keep the debt-circus from coming to Spain.
Sounds reminiscent of Hank Paulson calling in the big Wall Street banks and forcing them the take TARP funds whether they needed it or not…
This is probably a short-term plus for the euro in that it may quarantine the debt-contagion, but it will not kill it in the medium-to-long term.
