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My guess is that it would be politically much easier to gloss over a default, using some twist that may probably be found in some treaty and then, in a few months, prepare a solution through a new treaty (as for the deficit and debt rules). Spain would be in a political mess, sure, but this wouldn't be the end of the European Union, as would be excluding a member.

I personally pray for Ireland to default first, because that would weaken the anglo-group of countries in the EU political game.

A free fox in a free henhouse!

by Xavier in Paris on Mon Apr 11th, 2011 at 08:28:16 AM EST
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