Chart of the day: Spain enters top ten for government default risk

Spain is now ranked ninth for default probability just behind Ireland, with an expected 40% chance of default in the next five years. The Spanish 10-year bond yield has fallen back to 6.70% after reaching a record euro zone high of 6.834% earlier today. This comes in just the second trading day after the Spanish bank bailout hailed as a "victory" for the euro zone by Spanish Prime Minister Rajoy.

Source: CMA Market Data

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