So far, the thinking has been: After Ireland comes Portugal and after Portugal comes Spain, and then it’s endgame for the euro. Either they breakup or merge all state finances and have the ECB monetise a huge chunk of the debt.
But if Ireland is a sideshow and can’t be firewalled, why would Portugal even be anything but a distraction?
Spanish yields are at record highs this morning. The main event may coom sooner than people are expecting.