Euro Area

[gaelic cowboy]

inteersting description of portugals problems:

http://ftalphaville.ft.com/blog/2011...ugals-bailout/

it was the EU wot dunnit:

http://blogs.telegraph.co.uk/finance...restructuring/

The debt restructuring article there has been what I have been calling for since I dunno prob 2008 or summit, the reality is that unless the debt burden is either cancelled or reduced merely shoveling bailout money to any sovereign no matter who they are will end in restructuring.

The stress tests are out today for the Irish banks, if they show anything less than 40-50bn capital requirement for the banks then you can mark it down that there is a stitch up in the off, my feeling is that they will come in under 35bn purely because thats what was provided for in the bailout agreed.