English: Various Euro bills. (Photo credit: Wikipedia)
Editorial – So now we know what €100bn buys you: five days. It’s taken less than a week for financial markets to pass judgment on Spain‘s bumper rescue package – and they’ve pronounced it a failure.
Euroland has finally entered the twilight zone: an extraordinary, frightening situation has been visited upon ordinary folk in 17 countries, who now await a dreadfully macabre twist. This judgment can be defended in two ways. First, Spain is now paying over 7% for a 10-year loan – the interest-rate level reached by Greece, Ireland and Portugal at which they were each forced to seek a lifeline from the IMF and Europe.
The next big turn in the eurozone saga is not far away. Greece holds another general election this weekend, and whichever party or coalition emerges from it will be forced to demand a relaxation of its austerity program. more> http://tinyurl.com/7jedpwx
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- Greece voters face tough choices at polls, Anthee Carassava, Los Angeles Times
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