Thanks for the article. Spain and Ireland had no sub-prime they had a housing bubble that seriously effected their banking sectors. Their economies took a serious hit. They are experiencing price deflation which is helpful at this stage. It will take a long time for their economies to recover (in comparison to the usa) but the worst is over. Greece is a basket case but the europe is not about to go down the drain. Absolutely no need to rush for the lifeboats despite what the talking heads are saying on TV.