UPDATE: Wow! That was fast:
MADRID (AP) — Euphoria over a lifeline of up to €100 billion ($125 billion) to rescue Spain’s hurting banks morphed into a financial markets rout in a matter of hours Monday, as investors digested the still-undefined plan and became concerned the country may be unable to repay the new loans.Nils Pratley at the Guardian is impressed. “Bailouts in the eurozone used to generate relief rallies that lasted at least a week. The Spanish version couldn’t even manage a full morning.”
Read the entire post.
Key point: "The bitter truth is that the European collapse is simply the consequence of Leftist fantasy politics. It is what happens when people realize that the ‘paradise’ they’ve been building is nothing but a deconstructed, demographically collapsing, hollowed-out and bankrupt shell of lies."