Courtesy of Mish.
On yet another Friday, Europe is overlooking a gigantic bond-market precipice. Yield on the Spanish two-year government bond is up a whopping 60 basis points to 5.76%
Yield on the Spanish 10-year bond is up 26 basis points to 7.27%.
Italy is participating in the bond debacle as well. Yield on the Italian 10-year bond is up 17 basis points to 6.17%.
Yield on the Italian 2-year bond is up 39 basis points to 3.95%
This action in the face of another “we are saved” moment less than two weeks ago tells a dramatic story elsewise.
Massive Protests in Spain Over Austerity Measures
The Guardian reports Spanish take to streets in protest as MPs pass €65bn austerity package
Protesters took to the streets of 80 Spanish cities on Thursday night after prime minister Mariano Rajoy’s People’s party (PP) pushed a €65bn (£51bn) austerity package through parliament and the country paid record prices to borrow money from sceptical markets.
More than 100,000 people were estimated to have joined in demonstrations called by trades unions, with about 50,000 gathering in Madrid. Police fired rubber bullets to disperse the protesters in Madrid.
Angry civil servants had blocked traffic in several main Madrid avenues earlier in the day, with protesters puncturing the tyres of dozens of riot police vans, amid growing upset at austerity, recession and 24% unemployment.
“No Money Left to Pay Services”
If you are looking statements to incite violent protests, then look no further than comments of treasury minister Cristobal Montoro, who called for years of hard sacrifice, while making a claim “There is no money left to pay for services.”
Ambrose Evans-Pritchard has the details in his Telegraph piece, Spanish debt crisis returns as Germany nears bailout fatigue…
