The euro area’s financial troubles appear to be flaring up again, as this week’s gyrations in the Spanish bond market show.
In reality, they never went away. And judging from the flood of money moving across borders in the region, Europeans are increasingly losing faith that the currency union will hold together at all.AND THIS:
Concerns about Spain's deep budget problems pushed up borrowing costs sharply at an Italian bond auction yesterday, signalling that markets doubt Europe's struggling economies are overcoming their debt problems.
Yields on the three-year bonds hit 3.9 per cent in the sale, more than one percentage point higher than at the last comparable auction a month ago and bringing an unwelcome rise in debt servicing costs as Rome tries to cut its budget deficit.
Italy and Spain have traded testy comments in recent days on who is to blame for the rise in borrowing costs which has afflicted both countries as they struggle to meet deficit targets during a recession.IT AIN'T OVER.
STAY TUNED... THE OTHER SHOW IS ABOUT TO DROP.
BTW: ANECDOTALLY, LAYOFFS IN THE USA ARE PICKING UP STEAM... SIGH.