Ireland Default ?

Telegraph: Reports on the massive downgrade of Ireland’s credit worthiness by Moodys a Credit Agency and the negative effects on Spain and Portugal. Lets get real folks, either Spain or Portugal will default next year, the interest charged by the EU/IMF makes sure the Irish economy will be in the toilet for years, thus mass emigration to the UK and other EU countries. If Spain, Ireland and Portugal default then its over for the Euro, the EU can not afford to bailout Spain, a default Spain would wreck the economies of Western Europe, but the cost of nearly half trillion to bail out Spain would be to much for the German voter and th UK voter would take to the streets in the cold to demonstrate, so would this blog. The bond market should chop Spain, Ireland and Portugal NOW, lets start the recovery with the pain, and there will be pain folks, but then the economic structure would be clean of the known and hidden debts of the EU countries and banks. The more the EU tries to hide this debt the more the cost will be in the future, lets have the pain NOW, a mass unemployment, a cut in the welfare state, less Government not more, then the Western Economy can get out of this mess, otherwise when the fall does come it will be hard and brutal, and lets recall the Great Depression came to and end with World War Two, the West can not afford a World War Three.