Spain is Going Greek as the IBEX crashes 4% this morning

 

by John Galt
July 23, 2012 05:20 ET

 

The “cured” European Union is experiencing an outbreak of Grecian Flu as now Spain witnesses its 10 year bond yields soaring over 7.5% this morning and the IBEX copying the same pattern of the Athens Stock Exchange with sharp daily crashes and lackluster rallies. This morning it is making a statement along with the EUR/JPY and EUR/USD swaps that this crisis is far from over and unless the U.S. Fed gets involved in coordination with the ECB and IMF, the Euro will crash, burn, and fracture leaving the entire continent in a deep economic depression.

 

(Chart from Bloomberg.com)

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