The Euro sovereign debt bond some details

Further to my earlier post on how creating a  Euro sovereign debt bond linked to the relative weight of a member country's GDP and its rate of unemployment look at how this might play out with respect to the 4 countries currently experiencing difficulties. Spain, Portugal, Ireland and Greece.

Country             GDP trillion euros        % of euro area gdp       debt bond allotment
                                                                                                   based on gdp alone

Spain             1.051 trillion                    11.3 %                           802 billion euros

Greece            .238                                    2.6%                           183.6 billion

Ireland             .164                                    1.8 %                         127.1 billion

Portugal            .164                                   1.8%                          127.1 billion

All data from Eurostat as of April 2010. GDP data is for 2009.

Clearly if such a sovereign debt eurobond existed under the terms that I have proposed there would be no crisis in the euro area with respect to the sovereign debt of these four countries. Only Greece could not cover its total debt by Eurobond allotted allocated by share of euro area GDP alone, but with an adjustment for higher unemployment it would be able to do so.