Discussion about the Greek bailout go on but it seems that a plan will be adopted to link fresh money from the major euro area countries and the IMF to a debt rescheduling and respective concessions by the banks that hold Greek titles.
The main obstacles to the realization of this plan is Greece itself which hasn't been unable so far to come up with a convincing austerity plan.
Portugal is at risk because likewise the government lacks popular support for its plans.
The country with the least risk of getting hit by the contagion is Ireland. Ireland not only has a solid plan in place, it also seems that the government enjoys popular support to carry out the plan.
Whatever the outcome, it would not be the first time that financial market got it totally wrong when it comes to continental Europe. The simple reason for that is that there is a lack of insider information for the top shots of the financial market operators (GS, Soros, etc.) when it comes to continental European countries in contrast to the UK and the US.
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