>>
>>The five I referred to are the PIIGS, which I've been mentioning for months. Ireland fired a warning shot across the bow in early 2009. >>
...
>>When you add in Spain and Italy, there is no bailout big enough. No one will lend the money at less than a massive interest rate.
>>
>You should take the I out of the PIGS. Ireland has enacted extremely tough spending cuts.

He wrote "PIIGS" <vbg>. And while Ireland implemented heavy cuts,
IMHO it is still more in danger due to greater exposure of defaults/losses
in the banking section, as this [compared to GNP] might burden them
with new debt hard to pay off. It was mostly bailing out which put them
into the PIIGS area with giant leaps [again as compared to own GNP].

regards

thomas