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I still wouldn't bet that they won't do the right thing in the end.

I wouldn't bet that they will be able to do what is necessary and sufficient once they have reluctantly come to the conclusion that they must. Dither around long enough and the opportunity is likely to pass.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 11th, 2011 at 10:58:36 AM EST
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In addition, a number of countries which have already been IMF'd by the EU would rightly feel aggrieved by the preferential treatment given to Spain. This is not limited to Portugal, Ireland or Greece, but includes Hungary, Estonia...

Spain, in fact, joined forces with the other big European economies on an earlier occasion:

The surge in Irish bond prices on Friday came after the finance ministers of Europe's five largest economies issued a statement reiterating that any plans to force private investors to bear the burden of future sovereign bail-outs would not affect anybody currently holding eurozone bonds.

"We are clear that this does not apply to any outstanding debt and any programme under current instruments," the British, French, German, Italian and Spanish finance ministers said in the statement released at the G20 summit in Seoul.

which I criticised harshly:
Zapatero, the last best hope of Social Democracy in Europe [sic], joins forces with the Conservative-Neoliberal governments of Germany, France, Britain and Italy in a futile attempt to protect his own bond spreads, only to find a few weeks/months from now that the other 4 larger economies hang him out to dry...
Chickens coming to Spain to roost in 3, 2, 1...

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Apr 11th, 2011 at 11:28:05 AM EST
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