What is it ? Water percolating through the glass fiber and creating bubbles
Many bubbles

this is a door

Before starting to sand I was thinking that I'll be able to cope with it.
Here on the corner of the bonnet, we can see several blisters. I discarted this panel

When I started sanding the door panel, I've find plenty of little 1 mm holes. They are filled with acetic acid.
I was thinking that this was between 2 coat of paint since this panel was repared.
I decided then to sand it down to the fiber.

Well here, I'm close to the fiber glass and the blisters are still there.
We can even see that they seems to be surrounded by a larger circle.
What to do ? Well to remove the blister, you really need to go in the fiber, then rebuild it with layers of fiber, then gel coat, then you start to work on the body preparation.
Personally, I decided to discard the panel that are suffering. When the car will be finnished, I'll spray a coat of waxoil on the other face of the panels.
Osmosis is also known as polyester cancer. All Matra may suffer from it !