On Spain’s death spiral, regional bailouts and Germany’s ability to profit from crisis

Daily commentary

Just a quick word here on three interlocking stories involving Spain and Germany that have come up via the US and European press. Right now, Spain is at the center of the European sovereign debt crisis. The spread between Spanish and German yields is at a record. Spanish yields on 10-year paper are at euro record highs as well.

This reflects not just distress in Spain but also a flight to safety for Germany. In effect, Spain is a 'loser' from the crisis while Germany is a...


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