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It's going to matter a great deal which side wins, because if the Spanish win, then the potential for crossborder mayhem is minimal.  But if other European countries follow the Irish, there is going to be the potential that this could trigger multiple bank failures as money chases bank guarantees across national borders.

Spain rules! (Or should)

Excuse the economic nationalist moment.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Thu Oct 2nd, 2008 at 04:48:08 PM EST

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