Unlike our betters, we don't
make it up as we go along:
When European leaders set up the €440 billion ($583 billion) European Financial Stability Facility following the Greek crisis in June, they hoped it would never have to be used. But the Irish bailout has dashed that hope. If the rescue is finalized in its current form, the EFSF will have to issue bonds to lend as much as €17.7 billion to Ireland—with the likelihood of much greater issuance if other euro-zone members have to be bailed out. But who will buy these bonds? And how will they be priced?
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