Yesterday, following the Spanish bailout, we finally concluded that contrary to endless politician lies, Spain is Greece . However, in keeping with the insolvent Eurozone's favorite Hegelian dialectic of definition by exclusion, it appears that Spain's leaders have been forced to aim lower. Literally. As in all the way in Africa. Because according to El Mundo 's front page article, the text message that PM Rajoy sent from somewhere deep in Euro2012 to de Guindos, is essentially this: "España no es Uganda." This needs no translation. It also means that the people of Uganda should be happy. Very happy.
Obviously this move should not come as a surprise to anyone. Recall that it was two weeks ago that Nigeria decided to cut its European exposure. Last we checked, it still held on to Ugandan risk.
Sadly, not even The Onion could have come up with a story quite as David Lynchian.