Which EU state is pushing hardest for Ireland to take a bailout in order to temporarily halt the debt contagion? Spain.
Let’s face it folks: Ireland is the appetizer, Portugal is the salad course. The entree? Spain.
That is the target the speculators have in mind, and they will be successful before too long unless Spanish growth is magically revived.
Be afraid. Be very afraid.
The test case for all of this is going badly as Greece looks as though it will be unable to live up to the terms of its original bailout. As feared, it looks as though the bailout was only to buy time before an eventual restructuring.
