Why did Greece, Ireland and Portugal have to seek shelter under the European Union's rescue umbrella, and why is Spain a potential candidate?
For many, the answer is obvious: International markets no longer want to finance the "PIGS." But that is only half true. In fact, international markets have not financed any of them to a considerable extent for the past three years; the European Central Bank has.
The "Target" accounts, hitherto ignored by the media, show that the ECB has been much more involved in rescue operations than is commonly known. The ECB no longer wants to do it, and is urging eurozone members to step in.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.