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.

12th June, 2012
It is little surprise that the markets have reacted negatively to the Spanish bank bailout, 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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