The stench from Spain

While market commentators rejoice that Italy only had to pay just over 6.5% for its latest ten year borrowings, and Spain shifted double the amount of debt many had expected today, the reality is unchanged.

Indeed some of the nastiness that was going on in Spain under the Zapatero government is now beginning to ooze out, like the liquid of decay from beneath the door of a room heaped with corpses. Even more eloquently and amusingly described by Pater Tanebrarum,  in The Catalonian Blunder, from Acting Man, linked here.