Greece is a side show compared to what is happening in Spain. One of the world’s larger economies is about to go into cardiac arrest unless the ECB arrives soon with its bail-out to calm markets again.
For Spanish debt is getting painfully close to the seven per cent yield level when markets decide that these bonds will never be repaid and bond prices crash. Greece is already there. Smaller nations like Cyprus, Portugal and Ireland are close behind, and Italy is the giant moving closer to the edge.
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