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The maastricht treaty said “NO BAIL OUTS”, and at the first sign of the need for one, we have one…
In fact, as is obvious now, so far there has been NO bailout. Just fine political supporting words.
Regardless of the domino effect, the PIIGS have to be allowed to fail, there simply isn’t enough money available to support them. A new Northern Euro should arise from the ashes consisting of solid economies, possibly with the addition of Sweden (and maybe the UK in a decade or so when the economy is back up to scratch).