Interesting article in the Telegraph.
Angela Merkel consigns Ireland, Portugal and Spain to their fate - Telegraph
It may explain some of the panic we have seen at the weekend from Garret Fitzgerald and Colm McCarthy.
If the markets are going to price our risk with no German safety net we are out of the game. So the budget will be savage as the political class try desperately to keep our membership of the eurozone viable. But for the Germans our departure might not be such a bad idea. It's going to be a rough couple of months.