Very timely article Cliff.
I concur with most of it.
Although Spain in the dung maybe metaphorically true.
Can't help feeling the Spanish are getting tarred with the dung brush because of the size of that specific country within the Eurozone. If you like at Spanish debt to GDP. They have less debt to GDP than we do.
Mind you they don't have George Osbourne to smooth the brows of the credit agencies which is unfortunate.