Re: Re: Why did Ireland bother? Don’t they have Trojan horses?


This question of default is simply not going to happen. Default/haircut is the nuclear option and would destroy the financial credibility of the EU.
Trichet has said today the ECB will offer unlimited liquidity for European banks. Germany, France and Holland and even Spain, Italy will continue to underwrite the entire EZ bailout fund for whatever it takes. Even the UK pitched in for Ireland, ye gods!
Unfortunately the Euro will out live us all. I wish it were different but the reality is the entire European project is at stake if the Euro fails.