The 85 billion euros bailout of Ireland is starting to send chills down the spine of Mr. Market (at last!). Portugal and Spain just stated they do not need a bailout which means a bailout is needed big time. Remember Greece? Ireland? Please note that this 85 billion euros rescue for Ireland is a drop in a bucket because the Irish Banks owe more than US$600 billion to foreign banks (UK, Germany, France, US).
Now the big one: Spain. Ironically, Spain is too big to fail and too big to bailout. The EU AAA rescue fund of 440 billion euros …Read More