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BEVINS: "It used to be that only less developed countries had to live under the power of capricious "international markets". One classic example of this came in 2003, when the new government of Brasil, under Luiz Inácio Lula da Silva, had to temporarily set aside its social democratic mission and simply do what it took to get traders to bring the country's bond prices under control.
But now, the unpredictable might of the markets is felt in the world's richest areas, too. The government of Greece and eurozone officials have just come to the realisation that the bailout they designed a year ago is not working – that is, that it has not allowed Greece to re-enter the markets. This outcome for the first of the three bailouts does not bode well for Portugal and Ireland's packages.
AND: "The lesson is not that governments must keep their houses in order financially. That has always been the case. The lesson is that what defines whether or not your house is in order, when push comes to shove, is the set of whims and rumors on which traders try to make as much money as possible."
