The scheme is designed to protect weak links in the euro zone for the next three years, buying them the breathing space to shore up public finances, clean up banks and retool uncompetitive economies so they can grow again and pay off their debts.

ECONOMIST: Charlemagne

If euro-zone countries collectively injected funds directly into Spain's banks, the rescue would do less harm to Spain's public finances, and the vicious link between the country's weakening banks and its worsening sovereign debt would be broken.

ECONOMIST: The euro crisis: How to save Spain | The

The prime minister, Brian Cowen, faces two crunches: the banks and the public finances.

ECONOMIST: Tough times for Ireland��s government��and its people

Portugal's fiscal sins were not as serious as those of Greece and its public finances have not been wrecked by its banks as was the case with Ireland.

ECONOMIST: Portugal seeks help