Click on above title to link to article. Ireland gives in. Portugal probably not that far behind. Portugal looks worse than Ireland on a bunch of different metrics, e.g., much larger current account deficit as a share of GDP (what implications does this have?) and higher borrowing from the ECB or European central bank as a share of total bank assets (why does this matter?).
Eventually what will be needed at some point will be some debt restructuring. All that has been done so far has just been to address the immediate illiquidity problem. The fundamental problem of insolvency has not yet been resolved yet. That will require debt restructuring (read: default). But any guesses why that has not been done yet? (Hint: who do you think are Greece and Ireland's creditors?)
