As Ireland flounders the EU moves towards a bailout

Press quote (Time)
17 November 2010

Simon Tilford, chief economist at the London-based Centre for European Reform, says that unless the EU intervenes, investors will believe that default is inevitable and demand correspondingly punitive interest rates. "Contagion to other member states will be all but inevitable," he says. "If, and when, it reaches Spain, the crisis risks spiraling out of control."