3.8.11

The idea that the latest Greek bailout plan would solve anything is officially dead

h/t Zαχαρη

Government bond spreads of Spain, Italy, and Belgium are at all-time highs. The yield on 10-year bonds of Spain and Italy are now both well North of 6%.
..
Expect a "stern warning" from ECB president Jean-Claude Trichet soon. Also expect the market to laugh in his face.

Any bets on when the EU has another emergency meeting? I suspect two more days of this action might do it. Now answer this: what can they do that makes any sense?

Mike "Mish" Shedlock

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