But a proper rescheduling would be better than the current situation, where as much as a quarter of trading in emerging-market bonds is accounted for by opportunistic high-yield funds, betting on a pay-out in the courts.

ECONOMIST: Bail in, bail out

If Catalonia or Andalusia, which accounted for much of last year's regional overspending, are not on target, will there be the time (and political will) to force them into line?

ECONOMIST: There seems to be no end to the troubles in Spain