> Anyway, I'm bored with third world-ism.
The bailout funds won't come from the periphery, but from the global semi-periphery. The latter has sixty percent of the world's population, and owns somewhere around 6 trillion EUR of rocksolid forex and sovereign wealth assets.
Right now, it looks like the EU is implementing Project SuperSweden - recapitalizing its banks, guaranteeing all deposits, and triaging defunct institutions, in exchange for ownership stakes. They'll ride out the storm with minimal damage, the question is how bad things get for the US. And they could still get very, very bad indeed, if that semi-periphery stops buying T-bills.
-- DRR