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"The battle for Spain is already lost," says Gary Jenkins. "The battle for Italy has begun."...

"The battle for Spain is already lost," says Gary Jenkins. "The battle for Italy has begun." Soaring 2-year bond yields (up another 15 bps to 6.68% today from under 3% following the LTRO) have saddled the troubled banks with even greater losses that may get worse when they have to sell. As Steen Jakobsen notes, other than the ECB, who will buy?
Comments (1)
  • bbro
    , contributor
    Comments (10314) | Send Message
     
    As of the end of 2011 the average interest rate on Spanish debt
    was 3.98%...142 billioneuros will be refinanced this year I believe Spain has
    around 900 billion euros in total sovereign debt....anybody know the debt service to
    government revenue ratio???
    24 Jul 2012, 08:32 AM Reply Like
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