So like I said, Greece is about to go down the toilet.
So now that we can, we have to step back, look up, and figure out what’s coming up next on the horizon, once Greece defaults.
The answer is obvious: Portugal, Ireland and Spain are coming up—and coming up fast.
Specifically, Portuguese and Irish debt: As of this writing, the 10-year Greek bond is yielding a staggering 17.34%. But the Irish 10-year bond? Safe as houses, you ask?
No! Irish 10-year debt is yielding 11.54% , while the Portuguese 10-year is at 11.15%.
So regardless of whether or not the Greek situation is somehow fixed and smoothed over with more money—“stabilized”, in that wonderfully bloodless turn of phrase—Ireland and Portugal are soon enough going to be needing another bailout of their own.