Another small step towards weekend Euro bailout part II it seems, via FT Alphaville and one of the comments to the post (emphasis mine) :

Presented without comment — the Irish 10-year yield topping 9 per cent:

Giscard’s political dream is blowing up in front of his eyes. Remember his quote in le Monde “public opinion will be led to adopt, without knowing it, the proposals we dare not present to them directly” with reference to the LIsbon Treaty and the referenda held in France, Ireland, Netherlands and Scandinavia?

Instead of accepting that the euro was a political project instead of an economic project (and accepting the will of the people), it looks like that good money is going to be thrown after bad money. The black hole is being dug deeper and deeper and the eventual fall will be even more painful with unintended consequences.

Something seems to be brewing here, especially if you consider the following point from a ZeroHedge article on QEII :

$10.2 Trillion in Global Borrowing

Next year, fifteen major developed-country governments, including the U.S., Japan, the U.K., Spain and Greece, will have to raise some $10.2 trillion to repay maturing bonds and finance their budget deficits, according to estimates from the International Monetary Fund. That’s up 7% from this year, and equals 27% of their combined annual economic output.

That is a very large chunk of money needing funding without the cost of the funding going up like a rocket as in Irelands case.