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

|By:, SA News Editor

"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?