A funny thing happened on the way to the bailout…the Irish government imploded.
This is Europe’s worst nightmare, trying to jam an unwanted bailout down the throat of an unwilling partner…A partner that is about to be tossed out of office, only to be replaced by an even less willing partner…
So much for containing the contagion.
Irish bank stocks are taking it on the chin, down 16%, according to Reuters.
EUR/USD has fallen to fresh session lows at 1.3611.