Wall Street Journal
April 8, 2011
When Greece applied for a euro-zone bailout last May, the markets went into a tailspin for months, and when Ireland hit the buffers in December, the fallout lasted weeks. Yet Portugal's decision to throw in the towel Wednesday has barely troubled investors: the euro rose, Italian and Spanish bond yields remained close to 12-month lows and bank stocks rose.
Not only was Portugal's bailout long expected, but the market has reached a settled view that Spain has decoupled from Europe's crisis-stricken periphery.
That may be the correct assessment. It certainly seems to be the view of the euro-zone authorities.
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