"Edelweiss, Edelweiss, Bless My Homeland Forever"

Unfortunately, it appears that the Edelweiss is actually German. How this does anything but shift the risk closer to the center of ECB and EMU authorities is beyond me. Of course, this is just a continuation of the actions that the FED and ECB authorities undertook last year. But the "crisis has past" supposedly, hasn't it? Look for another crisis next year (2011 at the latest) that is much broader in scope and scale as it will likely engulf all of the highly indebted sovreignties (which is just about all of them, at least in the Western world).

See: Austrian bank Hypo rescued.