Despite the rescue plan to Greece question that arises is whether it is possible the continuity of speculative attacks on other countries in the Euro Zone. The answer is yes to the extent that the fiscal situation of peripheral economies in Europe remains very worrying. The crisis has left to see the nakedness of some countries that have lived beyond their means for easy access to credit, savings provided by the surplus countries like Germany or Holland.

A glance at the figures for the deficit and debt ratio to GDP show us the extreme and untenable situation of public accounts of these countries. In most cases, the fiscal deficit is growing at an explosive by

falling revenue from the crisis and the increase in spending, both for the implementation of automatic stabilizers like unemployment benefits as programs discretionary spending to help end the crisis.

If this is joined by a very low growth rates or negative as in the case of Spain and Ireland as it gives the perfect cocktail for us to see not only against speculative attacks against Greece but these economies as those of Portugal, Spain , Ireland and Italy.

And is that the broad rescue plan for Greece, which has been designed by Merkel and Sarkozy, is an enormous commitment to Europe. It takes the solution of the problem by allowing you to provide them aid if Greece can not be financed. The plan consists of three parts: bilateral aid, the IMF and strengthening of fiscal discipline.

Our view on this is that the countries of the European periphery are sold at the expense of sovereign rating reports from major houses. Fitch last week downgraded the rating of Portugal, to AA-from AA and put him in bad light. In this context, it is still speculating that Spain could be next on the list for any change of rating. This is, to the extent that neither the market nor the European Commission's plans are believed to contain public expenditure proposed by the Spanish Government.