Market rejection of the Irish bailout

This Bloomberg report has the new spreads today, they are up and the bond holders are expecting higher risk in the future.  Then Mish finds this gem:

Ireland first must run down its own cash stockpile and deploy its previously off-limits pension reserves in the bailout. Until now Irish and EU law had made it illegal for Ireland to use its pension fund to cover current expenditures. This move means Ireland will contribute euro 17.5 billion to its own salvation.

This is the age of the Internet, we get the connection that Irish pension funds guarantee bad investments by US bankers. Irish pensioners? You like this deal? If not, e mail me and we can start a campaign.
I still like the Euro, why? Because, in the end, on the continent, the major problem is that Germans bankers are afraid of getting stuck managing Spanish and Italian real estate. If that is all we need to hold most of the major Euro nations, then I am optimistic.