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THE YIELD ON Spain’s ten-year bonds has passed the 6 per cent mark this morning, having closed close to it on Friday evening.
The rate jumped to 6.1 per cent early this morning as concerns mount over the possibility of Spain eventually requiring a bailout.
Over the weekend, analysts at Credit Agricole CIB in Hong Kong said in an email that ”further pressure on Spanish bond spreads is likely especially as it has become clear that the country’s banks are relying more on European Central Bank funding”.
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Spain is due to carry out its next debt auction tomorrow, followed by another sale later in the week.
Its government recently announced a further round of austerity cuts, and the country has the highest level of unemployment in Europe at 4.75 million.
As Spain’s borrowing costs soared last week, Prime Minister Mariano Rajoy said that “Spain is not going to be rescued; it’s not possible to rescue Spain.”
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Scaremongering?
I’m sure the article mentions that Spain may be looking for a bailout. Uncertainty surrounding the Euro’s viabiity is continuing to increase and the shortcomings of monetary easing becoming even more obvious.
What concerns me is are we to wait for a currency collapse before making provisions for Ireland. Can we expect another ‘too little, too late’ response from our government.
Some in the US have opted for more proactive measures given the continued myopic and inept handling of the crisis there. http://money.cnn.com/2012/01/17/pf/local_currency/index.htm
No doubt the ECB will go buying more bonds. Will probably work short term but can only go one way in the long run. One cant get rid of insolvency by borrowing even more.
As a lay person that would have little understanding of anymore than my own economics why is it we seem to be going from crisis to crisis & getting no light @ the end. I am in the no camp simply because of lack of trust in the eu & our own clowns thats its. That maybe stupid irresponsible not sure. However those in the yes camp say we must save the euro & that may be true however maybe saving the euro will cost more than letting it go but if saving it is a must these guys charged with doing that seem less in the know than myself. Truely from my perspective they cant fix it. Maybe we need a flush right across the eu politically.
dont get how this is slow news day. Spain today said it is in recession, has an unemployment rate of over 20%, its property market is in a mess. If the EU dont start buying up billions of bonds in tomorrows auction, then the rate of Spanish bonds on the Primary market could approach 7%, this could mean a bailout for spain, which could lead to the break-up of the euro.
This is quiet a big story. 6%+ is considered the trouble zone.
It’s actually a massive story, as a Spanish bailout is not going to happen without mass printing of Euro’s, and/or a possible collapse of the currency in actuality or in value.
It’s a story that could define the rest of your life.
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