Spain: Economic Crisis Worsens

“We’re facing maximum tension. The situation is unsustainable over time,” said the country’s finance minister Luis de Guindos. Yields on 10-year Spanish bonds yields punched to almost 7pc, above levels that triggered ECB intervention to back stop Spain last November.

“The ECB needs to intervene very quickly or it is game over,” said Nicholas Spiro from Spiro Sovereign Strategy. “There is a whiff of capitulation in the air.”…

http://www.telegraph.co.uk/finance/financialcrisis/9332663/Debt-crisis-ECB-last-hope-as-dam-breaks-in-Spain.html

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