Before the end of the month of June 2012, the EU will find out if Greece decides to default by leaving the EURO and Spain will make known the essential Information contained in the AUDIT REPORT.
Can the EUROZONE cover the financial needs of these two countries and any other problems that Portugal and Ireland may have ?
The non-EURO EU countries do not want to underwrite losses arising from loans or aid given to bankrupt EURO countries, even if all countries are still in the EU and a Pacte for Financial Stability is being ratified.
Every non-EURO country protects its currency on the Financial Markets. The EUROZONE must do the same and needs to set up a closely supervised reporting system, probably in Brussels.
This is nothing new. Multi-national and Multi-continental companies all have reporting systems to know what risks their companies have (what the level of their "exposures" is and in which currencies). This permits these Groups to "cover" certain positions considered financially dangerous with exchange contracts.
Some experts in the EUROZONE do not appear to be doing their jobs !!! Situations like those of Greece and Spain came as a surprise !!! This is inadmissible !!!