Stephen Kinsella: Our future now hinges on Spain's reaction to crisis
What can Ireland teach Spain? All eyes are on Greece, wondering whether its fractious political system can combine to effect enough austerity on its people to satisfy the European authorities, in exchange for a bailout. The smart money is on a second set of Greek elections in a few weeks' time.
Meanwhile, France's new president, Francois Hollande, will eyeball Germany's Angela Merkel, looking for signs that Europe will begin to put together a growth strategy he can sell to his supporters at home.
The markets are taking a hammering as investors sell off their riskier European assets to get out of the way of a possible disorderly exit from the eurozone by Greece, or a failure by the Spanish authorities to get their banking system back on track quickly.