The ECB long term refinancing operations (LTROs) stuffed Euro banks with a trillion in fresh cash to help them roll their own bonds and buy sovereign bonds that whose interest rates were heading skyward. By all appearances, it has been wildly successful, so far.
As Spain's economy continues to weaken, interest rates are starting to creep on the SPG 10 year again. Mish posted about it today, saying he expects it to reach 6% again soon. With unemployment at 23% and one sovereign default in the Eurozone books, it might be a bit risky to buy Spain today. You wanna?
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