Euro crisis: Another day, another flirtation with disaster
http://www.globalpost.com/dispatches/globalpost-blogs/macro/europe-another-day-another-flirtation-disaster
Euro crisis: Another day, another flirtation with disaster
Rising yields, rising ire in the world's largest trading bloc. It must be Monday in Europe.
Thomas MuchaJuly 9, 2012 14:09
For those with the stomach to watch it unfold, Europe's debt crisis has assumed a sickeningly familiar pattern.
It goes like this:
European leaders talk.
The markets force government borrowing costs higher.
European leaders talk again.
Repeat.
That scenario played out yet again today as 10-year yields on both Spanish and Italian bonds rose to dangerously high levels. Meanwhile, European finance ministers prepared to meet again to discuss the latest problems.
Spanish debt costs topped 7 percent Monday, while Italian yields rose to more than 6 percent, after falling to about 5 percent last week.
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