BLOOMBERG
Spain managed to sell E3.56bn $4.8bn of 10-year benchmark at almost 7%...a dangerous and almost unsustainable rate...as demand waned.
It was Spain's highest rate since the euro’s creation.
Last month...it sold 10 year bonds...due in April 2021...at 5.433%.
An economist said: “This is not necessarily due to Spain itself but more to the lack of a solution at the European level.”
Rising bond yields for the Netherlands, Finland and Austria show that investors still doubt the eurozone will survive the debt crisis.
Germany and France continue to squabble over the role of the ECB.
France and others want the ECB to print money...and prop up sovereign bonds...with continued buying.
Germany insists on austerity...and spending overhauls...and only permits spurts of ECB purchases...because it dreads inflation.
Last week in the NYT...a Carnegie economist said: "I understand the German fetish with inflation...but that's increasingly wearing thin."
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