COMMENT: Crisis deepens but EU has no answer
As Spanish bond yields hit record highs, Europe needs to come up with a shock and awe response but the perception that nobody is in charge may be the reality, writes Cliff Taylor.
This really isn't good. I have written before about my Italian friend living here who, when she rings her grandmother at home, finds that the first topic of discussion is "lo spread" - the gap between Italian and German bond yields.
Well, as I write, "lo spread" is not far off 5 percentage points as Italian 10 year bond yields head well over 6 per cent. Meanwhile in Spain 10 year yields have reached a...
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