Analysis: Early days for Spain’s tug of war with markets
LONDON (Reuters) – Thursday’s Spanish debt auction results have set the tone for a year of muddling through: Yields are too high to be sustainable in the long term, yet not high enough to trigger a near-term meltdown. In the same vein, an agreement taking shape to lend the International Monetary Fund $400 billion so it could help bail out Spain (or Italy) is unlikely to be a game changer for skeptical markets. It is not obvious why a stronger firewall should encourage anyone to enter a burning house. . . .
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