The country's unemployment rate rose to 24.6% during the April to June quarter, up from 24.4% during the previous quarter. ... Spain's third largest bank reported an 80% fall in net profits. ... Spain's borrowing costs jumped above 7% on worries that the debt problems being faced by several of the country's regional governments would push Spain towards seeking a full bailout. Bond costs above 7% are generally considered to be unsustainable in the long runTHE EURO CRISIS IS FAR FROM OVER - AND IT WILL NOT END WITH THE EURO INTACT.
THE EUSSR APPARATCHIKS ARE EITHER TRYING TO SAVE WHAT CAN'T BE SAVED - AND WHAT SHOULDN'T BE, OR MERELY TRYING TO ACHIEVE A SOFT-LANDING.
BUT THE FACT IS THAT THE LONGER THIS IS DRAWN OUT THE WORSE IT WILL GET AND THE TOUGHER THE EVENTUAL RECOVERY WILL BE FOR EVERYONE.