Italy casts doubt on the timely start of the ESM and its ability to bail out Spain

The latest, with Spanish ten-year debt over 7% and 12-month loans just secured for over 5%, is that the ESM will buy Spanish bonds directly. According to the Guardian, Germany is prepared to use the ESM bailout fund to buy Spanish (and Italian sovereign debt if need be). Ironically, it is the Italian government's ability to come up with legislative approval for the bailout fund that is the biggest sticking point at this point.

According to the Guardian:

Angela Merkel, it appears, has ...


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