As soon as the spreads on Irish bonds (as well as CDS) continued to grow yesterday, there were well-founded speculation that the ECB will be in the market of Irish government securities. Germany's decision to encourage bondholders to take over some of the cost of future salvation - it is an honest way to refuse to be constant EFSF (European Foundation for financial stability) as a put option for the bondholders. However, the time for such initiatives is not quite appropriate (although it is never appropriate for such things), but the fact remains that someone must take the severity of stroke, and the German government said that already made enough of the burden.
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