The euro zone still does not have enough firepower should contagion once again threaten Spain or, worse, Italy.
The crisis should help in two ways: misbehaving countries may find the EU’s prescriptions less fearsome than the markets, and they will face greater peer pressure from those fearing contagion.
It is an ambitious plan, but Greece may need even more help and the firewall does not look strong enough to withstand a bout of contagion.
They are highly contagious; the virus causes the body to produce symptoms which ensure the spread of the contagion.
Even if direct financial contagion is contained, America's subprime crisis could spawn psychological contagion, particularly a reassessment of house prices.
It refused to countenance a default by Greece, or even debt restructuring, for fear of market contagion.
It was all about contagion, fears that default in economic minnow Greece could spread not just to Portugal and Spain but beyond, crushing the euro zone in its wake.
While technically a default, the loss would not be an outright repudiation of Greece's debt and the contagion could, in theory, be contained.
