‘Spailout’ lasts a few Hours as Yields on Spanish and Italian Bonds Sore

The spailout has lasted but a few hours as the markets realise as Joesph Stiglitz has said today the Spnaish Bailout is a con with the Spanish government underwriting loans to insolvent spanish banks and those banks underwriting spanish Bonds, the insolvent is propping up the insolvent.  Spanish yields now rising back above 6.5%

All the Spailout has done is shift the crisis to Italy as it now has to underwrite a significant part of the expanded ESM – Italian Yields this morning rising to above 6%.

If Italy topples so then will Spain, and through bank contagion Germany.

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