Spanish regional governments unable to refinance 15.8 billion euros of maturing debt as debt deflation takes hold

Today, Spanish newspapers confirmed that a number of regional governments on the verge of bankruptcy must follow Spanish banks in requesting aid from the central government. However, with Spanish central government itself facing record euro era highs in 10-year bond yields and spreads to German yields, it is clear that the sovereign cannot support the regions. The Spanish crisis is therefore near a breaking point, with the government pleading the ECB to intervene.

All of these events have com...

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