During 2010/11 the prospects for the future of the eurozone have dramatically worsened. The crisis in Greece which was looming at the beginning of last year came to a head in May 2010, leading to a massive bail out costing a total of about €100m, to shore up both Greek banks and the country's sovereign debt. During the last quarter of 2010, a similar fate overcame the Republic of Ireland, costing roughly the same amount again. In both the Greek and Irish cases, draconian reductions in government expenditure were made a condition of funds being provided, causing widespread unrest as unemployment rose sharply and benefits were cut. Nor did rescue packages for Greece and Ireland calm the markets. On the contrary, the fact that two eurozone countries were in grave difficulties made it appear ever more likely that others, with similar if not identical problems would follow. Portugal looks like being the next in line, but with much larger Spain not far behind, followed possibly by Italy and perhaps Belgium too. Although all euros are supposed to be the same, the tell tale signal was the borrowing rates in different eurozone countries. While three or four years ago, there was very little difference between the borrowing rates for euro bonds in Germany and what are now clearly the weaker economies in the eurozone, the spreads have now dramatically widened. Greece is now paying nearly 10% p.a. more than Germany, Ireland more than 6%, with Portugal at over 4% and with Spain not far behind.