That's the problem with crises, they always come at the wrong time of the year - take the outbreak of WWI and WWII for example. I mean, how thoughtless, right in the middle of the holiday season. So one can imagine, with not a little relish, the mutterings in Brussels amongst 'the colleagues' as they watch Spanish bond yields reaching 7.5% which, in laymen terms, I gather, is the equivalent of melting point. According to the WSJ:
Spain needs to sell some €27 billion ($32.8 billion) more in bonds this year to cover its deficits and repay maturing debt. It has leaned on domestic banks to scoop them up, but those banks' purchases are waning. Earlier this month, Spain canceled a mid-August bond auction.
The Spanish stock market has dropped 2.5% - as has the London Footsie. Italy is following suit! Greece is all ready to surrender despite rattling their empty tin cup in the direction of Germany. How long can this cruel, useless madness continue? And all for the sake of a lunatic political idea even more manic than national socialism or communism. Poor Europe, what did we do to deserve such moronic leadership.