Here are a couple of items on the likely collapse of the Euro and the EU. The upside, its likely short term pain for long term gain, while the continued existence of the Eurozone as it is, long term pain, loss of freedoms and increased totalitarianism to manage impossible Soviet style economic planning.

Allied Irish Bank has ‘defaulted’ says derivatives body

Banks that sold insurance on the debt of Allied Irish Banks will have to pay out to investors in the nationalised lender’s debt despite complex legal manoeuvres by the Irish authorities to avoid putting the lender into default.

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While the Allied decision was in line with market expectations and covers only a relatively small number of bonds, it sets a precedent for upcoming decisions on Bank of Ireland debt. Photo: Oli Scarff

Please click the link at the top for the whole story.

 

Then, we have Greece: