Daily commentary: The ECB will step in soon or we will suffer another Great Depression

The euro zone sovereign debt crisis is reaching the end of the line. Spain and Italy are both simply too big to be bailed out. Yet as we speak, the yields on Spanish and Italian 10-year bonds are soaring, Spain's reaching a record 6.807%. There is absolutely no bailout package the EU can put together to get this under control now. Spain and Italy are too big to bail. But they are also too big to fail, meaning that a default would usher in a dark economic period globally, another Great Depression...


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