German Chancellor Angela Merkel now admits that government borrowing is the problem. Part of the 100 billion Euro Spanish bailout is that Italy is loaning Spain at 3% but having to borrow it on the open market at nearly 7%. Cyprus quietly announced that it needed a bailout because it is exposed to Greek debt. Italy’s oldest bank, BNI suspended withdrawals a week ago. One town in Ireland is accepting the old Irish Punt — the debt-free Irish money before the Euro took hold; and Nigel Farage blasts the European Parliament and calls the Euro experiment the Titanic on the rocks with not enough lifeboats.