Spain’s borrowing costs have soared today to their highest since the launch of the euro, with yields on benchmark 10-year debt rising to more than 6.8 per cent.
So much for the eurozone finance ministers bailout package of up to €100bn for the Spain’s banks, which was announced over the weekend. The markets clearly don't have faith in the ability of the banksters to save the system.
Only massive European Central Bank money printing will halt the crisis. This, of course, would be highly price inflationary.