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Madness In Spain Lingers As Ireland Chases Recovery-Bloomberg

This article highlights the divergent paths that both Spain and Ireland have taken. Where Ireland was quick to realize the severity of their problems, Spain has been living in a delusional state believing that by doing little the situation will somehow correct itself naturally. To me this is really microcosm for the E.U. which has shown itself to be full of bluster, but has consistently been too slow to act. It makes no sense waiting for the markets to become panicked before inevitably stepping in as it erodes confidence, and ultimately slows economic growth. The E.U. should ensure that the struggling sovereigns meet their austerity goals, but with the condition that they will be there to step in to help provide financial assistance through Euro bonds.

http://www.bloomberg.com/news/2012-05-01/madness-in-spain-lingers-as-ireland-chases-recovery-mortgages.html