EU eyes on Washington as their own house goes up in flames!
Interest on Spanish and Italian 10 year bonds were on the rise again today and one report this evening has this gloomy prognosis:
Later in Frankfurt, the Dax Index tumbled, closing down over 2% on the day. In Spain the main index was off by 3.2%, read here, while the same report has this to say on the market in Italy:
Watching TV news broadcasts this evening, all eyes seem to be on the done deal on the debt ceiling in the USA whilst waiting for the votes in Congress.
Few, it appears, have noticed that their own household seems to be about to be engulfed by flames! The EU leaders departed on holiday making no increase in the EFSF and no provision for helping Spain and Italy stave off the inexorable rise in their bond yields, until after September. Mme Lagarde at the IMF is silent!
It may be hot on holiday, but if things are left like this, it will be hotter still in the Capitals of these complacent incompetents when they eventually return!
Labels: Euro collapse, Greek Default, Italy, Spain
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