Monday, May 28, 2012

A new record

As "pro-bailout" parties take the lead in Greek polls, focus turns more to Spain, where the spread between its 10 year bonds and Germany's broke the 500 basis point barrier, hitting the highest level since the dawn of the Euro.

Spanish 10 year bonds are currently "yielding" 6.49%.

Yikes!


2 comments:

Woj said...

A month ago I wrote the Pain in Spain is Only Beginning (http://bubblesandbusts.blogspot.com/2012/04/pain-in-spain-is-only-beginning.html). While the manner is which the EU/ECB proceeds with Greece is an important signal, Spain remains the real crux of trouble for the EZ/EMU. Spain is simply too big for current bailout mechanisms and the banking system still hasn't recognized hundreds of billions of losses on mortgages. Another LTRO may not be enough to stem the tide at the moment.

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