The Portuguese seemed baffled – and pained – that investors should link their country in any way with Greece or Ireland. I am afraid they must come to terms very soon with some unpleasant facts.
So must Europe’s leaders, who comfort themselves that Greece is a special case because it cheated, and that Ireland is a special case because it allowed its “Anglo-Saxon” banks to go berserk. They have yet to acknowledge the deeper truth that monetary union has insidiously destabilised much of Europe and trapped a ring of largely innocent countries in depression.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.