Time for Plan B (Eurozone Bailout)

``The least-bad way to deal with this contradiction is to restructure the debt of plainly insolvent countries now. Based on this newspaper’s calculations (see article), that group should start with Greece and probably also include Portugal and Ireland. Spain has deep problems, but even with a big bank bail-out it should be able to keep its public debt at a sustainable level (see article)... handled correctly, euro-zone sovereign defaults could be limited to three small, peripheral economies. This newspaper does not advocate the first rich-country sovereign defaults in half a century lightly. But the logic for taking action sooner rather than later is powerful. ''