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"So much for the miracle cure" [ClearOnMoney]
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Commentary

"So much for the miracle cure"

10 Apr 2012 by Jim Fickett.

Worries are revolving around Spain again. From the Financial Times today:

So much for the miracle cure. The magnitude of Spain’s debt crisis has now exposed the limits of the European Central Bank’s longer term refinancing operations. First we had the ill-fated auction of Spanish government bonds where a mere €2.6bn was raised compared with a maximum target of €3.5bn. Now we have bond yields on Spanish sovereign debt back up to unsustainable levels of 6 per cent. …

That underlines a fundamental problem with the ECB’s great liquidity injection. It reinforced the incestuous relationship whereby undercapitalised eurozone banks propped up overstretched sovereign borrowers who stood behind those same fragile banks.

If you are wondering whether to take the danger signs seriously, remember that you can never be sure of a rumor until the government denies it:

Spanish ministers and European Union officials took turns on Tuesday to deny that the country needed an international bailout