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So far, the thinking has been: After Ireland comes Portugal and after Portugal comes Spain, and then it's endgame for the euro. Either they breakup or merge all state finances and have the ECB monetize a huge chunk of the debt.

But if Ireland is a sideshow and can't be firewalled, why would Portugal even be anything but a distraction?

Spanish yields are at record highs this morning. The main event may come sooner than people are expecting.

click to enlarge

chart

Disclosure: No positions

Source: Is the Bond Wolf Pack Going to Skip Portugal?