Ooops, there goes another

What a P.I.G. ! (Portugal, Ireland, Greece)

BBC News - Portugal calls for EU financial bail-out

Last one, or will Spain join the party before the end of the year.

Maybe the EUR bulls will soon forfeit… Will be interesting to see how the market will react to the probable rate hike due tomorrow. With the EUR/USD being at an interesting high, incoming rate hikes and chain bailouts it’s a little hard to guess market direction these next days. We’ll see…

If Spain joins the party then the party is officially over. Bailouts for Greece, Ireland and Portugal can just about be afforded. Not for Spain though. Queue a long drawn out process of Spain saying they don’t need one while rising bond yields say otherwise. Maybe the Euro will finally take a tumble then.

Spain is dangerous.

Germany, France, and the UK are highly exposed there.
Of course, there is Italy and Belgium waiting in the wings should Spain find a way to get out of it’s situation.
So all eyes on Portugal for the moment.

But to be honest, Greece, and Ireland still aren’t solved.