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Spanish Yields Climb Past 6%, Sours Global Stock Markets
In spite of stronger than expected US retail sales, Spain continues to be the thorn in the side of the EU recovery. Mostly because Spain is several times larger then Greece and since Spain’s 3 largest banks are almost double the entire Spanish GDP. Thus, if Spain sinks, or the housing market falls (hammering the banks who hold the mortgages), then the debt crisis in the EZ just goes back to square 1 which is actually -1 for the region.
Spanish 10yr yields surpassed 6% and worries over it hitting 7% are affecting the global market for that is the level most consider it unsustainable with the borrowing costs too high. …... Keep reading