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Protesters burn an image of Prime Minister Brian Cowen the Ireland in front of Leinster House in Dublin.?Photo: Reuters

In a note describing the prospects for 2011 for European banks, analysts of Deutsche Bank said sovereign concerns "at the top of the agenda.

"We expect this process to continue at the beginning of 2011, as economics team Deutsche Bank believes that the Portugal is very likely to exploit the IMF / EU (ESFS) rescue mechanisms year prochaine.Mais we believe that the Domino should stop down Spain.".

Colleagues income fixed at Deutsche said in a note Monday that they were not at all surprised to see the concerns on the Spain rising again.

"The market seems to think that it is inevitable Portugal request assistance then - maybe in January?"-and then after Spain will be examined with a fine tooth comb in the coming months.Doing work for the future we growing arrived to the conclusion that if you think that the sovereign decision of problems of Greece, the Ireland and perhaps Portugal depends on whether you think it is a problem with the financial system across the West, or if you think that's only a problem with the individual over leveraged entities.?

Simon Samuels, Barclays Capital analyst said in a note last week:

"" The Irish crisis and subsequent salvage returned sovereign concerns to the forefront the spirit of the investisseurs.Mais is it simply the case that some harsh comments of Angela Merkel did bond investors run coverage? we do not believe. ""

He added:

"In short, the Irish sovereign has been dismembered by its banking system...."In September, Irish banks to share repurchases of € will form the Government guaranteed debt.While the Government could (and has) extend this warranty as Iceland in 2008, it seemed no more credible on the market, bond issues becoming nerve, and the system has begun to implode.?

Written on the subject which could be then, he said:

"Our esteem Spain challenges remain considerable - the probability of a positive result poor so that at least the sovereign and the banks have successfully navigated travelled to wire the funding hump faced in 2011 both printemps.Les asset quality quotation marks will probably last much more longtemps.En however, we are much more optimistic on Italian perspective .the ' lack of assets and large bubble limited funding dependence suggests that banks have little additional risk to the Italian sovereign."

He added:

"Many commentators have suggested that the Spain is too large to be admitted to concrete plans on how to solve a real Spanish crisis remain opaque .Tandis failure, should materialize the Spanish the tail of a surety risk off, it is likely that the French and German economy (more) will be the largest share of saving the Spain and, by extension, the euro zone."

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