Now it's time for 'the markets' to f**k with Spain

[marmar]

(Bloomberg) Spain sold 3.56 billion euros ($4.8 billion) of a new 10-year benchmark at an average yield of almost 7 percent, the most since the euro’s creation, as demand for the securities dropped.

The Madrid-based Treasury said it sold the bond due in January 2022 at an average yield of 6.975 percent, compared with 6.69 percent for similar securities on the secondary market before the auction and 5.433 percent when it sold bonds due in April 2021 last month. The bank had set a maximum target of 4 billion euros for today’s sale.

“Tensions are increasing on Spain for sure even as rates remain sustainable for the moment,” Laurence Boone, chief European economist at Bank of America Merrill Lynch in London, said by phone. “This is not necessarily due to Spain itself, but more to the lack of a solution at the European level.”

Rising bond yields from the Netherlands to Finland and Austria indicate European officials are struggling to convince investors they can stem the debt crisis that began in Greece and assure the survival of the 17-nation currency. Spanish bond yields rose today to the highest since the start of the euro, breaching the level that prompted the European Central Bank to start buying Spanish and Italian debt in August. ...........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-11-17/spanish-yields-rise-to-euro-era-record-as-costs-jump-demand-wanes-at-sale.html

[xchrom]

1. recommend

[Selatius]

2. The people of Spain are a strong bunch. They lived through a terrible fascist dictatorship.

The fucking bankers are simply another group of thugs threatening their independence. The only difference is they don't wear military uniforms anymore. They wear business suits instead.