15 June 2012 1:10AM
Actually, the €100 billion bought precisely the amount of time (a few hours) it took Spain's other creditors to realize that they'd been subordinated. The euro zone issue is very simple: how is the mountain of bad debt to be shared between private investors (the banks) and EU taxpayers. All else is Kabuki theatrics. Greece, for example, is miscalculating: their austerity deal is non-negotiable. What's so hard to understand about the fact that the euro zone periphery has been using the zone's credit irresponsibly and the Piper has now to be paid?
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