More unsettling news on Spain

Yields on Spanish government bonds reached 7% yesterday, a level at which most experts believe the nation cannot survive without a bailout and this led to José Manuel García-Margallo, Spain’s foreign minister releasing the rather dramatic statement “‘If the Titanic sinks, it takes everyone with it, even those travelling in first class,’’ he said, in a warning clearly aimed at Germany and other eurozone countries” as reported in this Guardian piece.

Brinkmanship or is impending doom just round the corner? Maybe this is a reaction to Spain’s 100 billion no strings bank bailout, a mere bagatelle according to this Economist article “It is a plaster, not a cure.”

Unemployment in Spain