But the real nightmare domino is Spain. Roubini refers to the Spanish debt problems as "the elephant in the room".
"You
can try to ring fence Spain. And you can essentially try to provide
financing officially to Ireland, Portugal, and Greece for three years.
Leave them out of the market. Maybe restructure their debt down the
line."
"But if Spain falls off the cliff, there is not enough
official money in this envelope of European resources to bail out Spain.
Spain is too big to fail on one side—and also too big to be bailed
out."
