The big story
The half-life of eurozone relief rallies gets shorter all the time. The proposed bailout of Spanish banks bought about a four-hour boost last Monday before investors began to suspect that the structure of the €100 billion support would subordinate existing holders of Spanish debt. As details on the Spanish proposals trickled out, fears of government funding problems persisted. By the end of the week yields on Spanish ten-year bonds topped 7 per...
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