Spain and Portugal contagion will spread to the US
Spain Portugal are minor Ireland is the big one. when you hear Ireland teetering, sell. Italy is in trouble but there debt load is small so minor disruption when it occurs, Collectively if all 5 countries need funding, this will then trip Great Britain to a sizable degree, impact on France leaving Germany alone in the Euro Zone. Iceland and others are already compromised but not seriously. The Euro will correct substantially as these situations occur. Merkel is most aware of the threat so is quite conservative about loans which could leave the Germans vulnerable if Euro correction exceeds predictions. Merkel is smart enough to be quite alarmed.