Someone's spilling the beans.  Irish Prime Minister Enda Kenny
just told Reuters his thoughts on the European Financial
Stability Facility, the fund responsible for bailing out
Portugal, Ireland, and Greece and keeping contagion from
spreading.  It's not going to work—at least not as it stands
right now.  Specifically, he said the October 26 agreement to
leverage the fund to about $1.4 trillion is "insufficient" and
has not succeeded in returning confidence to the markets.
[UPDATE: Greek PM Lucas Papademos is also saying that more
radical interventions will be needed in order to stem the
crisis.]  These statements echo what the majority of economists
and analysts have been saying for months.  Here are some reasons
they've been citing on this assertion:  - $1.4 trillion is just
not enough to build an adequate firewall between Italy and
Spain, and certainly not enough to bail out Italy.  - Insuring
20-30% of losses on sovereign bonds would not convince investors
to purchase them.  - If investors are going to l