It just happened weeks ago while Portugal asking for bailout from rest of his European brothers and IMF. Portugal then handed a 3-year restructure in return for the billion something bailout.
Without a central bank, Greece and Ireland can't save their economy by adjusting their currency (like what US did!! PRINTING MORE DOLLAR. Thanks to US, the global economic recovery path last longer than we expected before and no one can tell where the end is) So, what Greece and Ireland can do? Austerity, government cut their expense, e.g. social welfare, change the retired age from 60 to 65 (of course, these new policy cause some protest). Do these policy work out eventually? Apparently not!! Let's look at Greece and Ireland whose austerity policy already run for years, now the number show on the report tell us, the restructure doesn't really work out and Greece may need more help(money) to help they go through the tough time (AGAIN). BUT!! HOW LONG? AND HOW MUCH?
So, while Span and Italy facing the question:
whether you two are the next bailout seeker? or the question:
Why shall i buy Span or Italy's bond, since the risk of it is endless increasing. Simply by increasing the rate of the bond can't convince investors anymore, neither can provide another new restructure plan....
So, what else we can do?! Maybe it's like what Edward Hugh said: “Everyone is arguing now. We have lost the vision of a year ago.”
related news:
In Europe, Rifts Widen Over Greece
well, the worse result might be.... Greece and Ireland out of the € system, and we would have Franc and Mar back to stage~~~
