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Greece votes and Spain gets it – Spain’s bond yield kills the euro

IT was supposed to be that if the “right” Greek party won the election then the pressure would be off Spain and Italy: for the euro would be saved.

The “right” party in Greece being anyone other than Syriza essentially, as the other two that had even a hope (Pasok and Ne Democracy) have already agreed that they’ll do the right thing and keep Greece paying its debts and in the euro.

So, that happened: New Democracy squeaked past Syriza and the euro is saved! Spain is safe!

That’s Spain’s 10 year bond yield at 7.1 per cent according to Bloomberg’s composite data.

Ooops!

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Posted: 18th, June 2012 | In: Money | Comment (1)