There is this perception in the market that now that Portugal has deployed its personal floatation device that all is well in the euro zone. The weak sisters have been tended to and the strong can no lead the way toward stronger growth…
The funny thing is that the already bailed out nations still have significant issues. Greek default remains a constant concern and Ireland is till trying to renegotiate a better deal while maintaining its super-low corporate tax rate.
As far as I can tell, taking a bailout has been no panacea for the euro zone, as yet. Sure, it keeps the banks afloat (the primary motive) but it papers over major structural issues.
