Monday, July 23, 2012

Headed For The Ceiling (Spanish Bond Yields)

Spain's stock market has lost a stunning 12% in two trading days.  By most measures that's a crash.  Nobody's talking about the magnitude of this, but they should be -- Spanish 10yr bonds pipped at 7.5%, which is more than Spain can pay.

Denninger, as usual, spot on.  Not sure I agree with the conclusion that the Euro will collapse.  Debts that cant be paid, wont be paid.  As ever.

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