We are moving from the financial phase of this crisis to the full-blown political phase. It really is playing out like the 1930s.
People sometimes ask when I became a pessimist. The answer is the summer of 1991 when I accompanied Serb troops into the Baroque city of Vukovar – shattered by howitzer shelling within a comfortable drive from Vienna, and strewn with the bodies of dead children – and watched 300 wounded prisoners taken from hospital. I assumed they were at last safe. We learned later that they were machine-gunned shortly afterwards at a collective farm nearby.
The unthinkable was happening before my eyes, though it was small in scale compared to the slaughter of 8,000 Bosnian Muslim men and boys at Srebrenica, which I later covered at a trial in The Hague.
When things go wrong, they really go wrong. Cuidado, Querida EspañaThough as a commentator on an article in the FT covering the same story points out, nobody seems to see the irony in one, relatively affluent jurisdiction in Spain complaining about bailing out it's more feckless neighbours.
Let's hope the complaints remain vocal only...