European Race To The Insolvency Bottom Round Two: Contestants - Spain, Portugal And Belgium
The round robin stage of the European championship to determine the most insolvent country ended with two very clear winners: Greece and Ireland. And with that stage over, we are now clearly entering the direct elimination rounds. Meet the first thre contestants, whose sovereign bond prices, after a healthy pick up in buying from the ECB, are once again hitting the skids. That said, it is difficult to determine who has a leading position: it appears that all three countries' economies are just as shitty. And the coolest thing: the winner, takes the runner up with them, as one insolvency wipes out what little backstop capital is left to prevent the house of tilted dominoes from falling.
Spain 10 Year bond prices...
Portugal...
And Belgium:
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