Now the market is nervous about Spain and Portugal, while their situation is objectively much less worrisome than the Greek. It is true that the last four months hardly anything has changed in the financial situation of these countries.

Across the United States and Britain right now nobody seems to worry. Everybody buys those 'safe' dollar.

How can the markets apparently nervous of Spain and Portugal, while the U.S. and the UK are financially i a  much worse state?

Why is  nobody worried about the U.S.? Just because the Fed has unlimited money to print?

The British have a budget deficit of as much as 12%. The British end up with far the worst performing country in Europe. How come no one bothers? The answer is simply that logic is put aside and gave way to emotion.