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Not necessarily.

Spain is too big to fail.. no way the ECB allows it. They would buy debt, or do whatever it takes.

Europe is DE, FR, GB, IT and SP... if one falls, the other follow (maybe GB is a little bit more decoupled, but not that much). Therefore the big countries are not interested in accepting the attack.

They could fight over Greece, even Portugal, not Spain or Italy. The real tragedy would be not to take this as a clear warning that further financial integration is necessary.. and that reuglation of the European markets following the same structure of the financial regulation taking shape in the US is necessary here plus a serious reform of the bond market in Europe and credit default swaps in England.

A pleasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

by kcurie on Thu May 6th, 2010 at 12:35:50 PM EST
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