Seen from a federal EU, they are. It's Ireland and Britain which mainly pushed the agenda of privatization in the EU commission regulation.

A default in an Anglo country would, I feel, be important to rule out the return of the deregulation at the EU level.

On the contrary, if one of the southern PIGS breaks up, it would reinforce the Britain view on the EU, which is a huge cause of social stagnation in Europe.

Germany, notwithstanding the current issues, is usually more prone to state regulation, probably due to its industrial background.

A free fox in a free henhouse!