From Edward Hugh’s Facebook today:
A relatively quiet start to the new week, but Spanish yields continue to tick upwards. This morning 10 year yields crossed the 5% threshold. It is no longer possible for Mariano Rajoy to claim that financial conditions and confidence in his country are improving. That would be plain false, since they are clearly deteriorating. The fact of the matter is, he could neither claim credit when they improved, nor be blamed when they deteriorate since factors well beyond his control (and ken) are evidently at work. What can be said is that the outlook for the entire Spanish economy is far from being as rosy as many would claim.