Denti on State bonds you must look to who is backstopping Dexia and KBC but it is not just state bonds it is semi private debt from the Cajas that is the real concern since what crippled Ireland is the state backstopping private banks and taking private debt into state custody. Merkel herself wanted to let the AIB bondholders have it untill somebody quietly pointed out to her that the bondholders were her own banks. Best though not to drift the thread pm me if you wish.