Spain Smashed on Markets Monday; Rajoy Appeals for Direct European Bailout of Banks:
May 28 (LPAC) — The markets welcomed the Spanish government's Sunday cockamamie trial balloon of bailing out Bankia (by giving them government bonds to "recapitalize" it), by driving Spain's sovereign risk up to an all time high of 507 points, with yields on 10 year bonds zooming to 6.47%, and Bankia stocks plunging at one point by 30%.
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May 28 (LPAC) — The markets welcomed the Spanish government's Sunday cockamamie trial balloon of bailing out Bankia (by giving them government bonds to "recapitalize" it), by driving Spain's sovereign risk up to an all time high of 507 points, with yields on 10 year bonds zooming to 6.47%, and Bankia stocks plunging at one point by 30%.
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