As goes Greece, so very likely will go Spain, Portugal and a whole swathe of countries inside and outside the European Union as well as individual US states.
The fact that, like Almunia a year ago, prime ministers, presidents, treasurers, the IMF, chairmen of the Federal Reserve and sundry should come out and state that something is complete nonsense and won’t happen only serves to confirm it will.
“Spanish Prime Minister Jose Luis Rodriguez Zapatero said speculation of a bailout for Spain is “complete madness” and the nation has “strong solvency.””
It is 6am GMT and I just watched Zapatero on BBC World. The poor guy looks like a little kid whose been found out doing something stupid. Eyes agog, arms aflailing, corrugated forehead, head shaking in fake disbelief. A true cringe inducer this clip was.
Spain is toast.