Monday 11 December 2017

Ambrose Evans-Pritchard: Spain’s woes have Irish feel

Ambrose Evans-Pritchard

EL MUNDO reports that the country can no longer resist the bond markets as 10-year yields flirt with 6.5pc again, and the spread over Bunds – or `prima de riesgo' — hits a fresh record each day.



Premier Mariano Rajoy and his inner circle have allegedly accepted that Spain will have to call on Europe's EFSF bail-out fund to rescue the banking system, even though this means subjecting his country to foreign suzerainty.

Mr Rajoy denies the story, not surprisingly since it would be a devastating climb-down, and not all options are yet exhausted.

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