Spain Risks ECB Wrath With Unemployment Extension
Calling the move “just” in a country with unemployment near 25%, Prime Minister Mariano Rajoy also said that he was still considering asking for help from Europe to combat cripplingly high bond yields.
Portuguese Bond Yields Rise
Portugal may be in need of a second bailout–or so it seems from its sovereign bond yields, which have risen steadily despite a flood of cash from the European Central Bank that is flowing to other investment targets.
ECB Rejects Greek Debt as Collateral
Christian Schulz, an economist at Berenberg Bank in London, was quoted saying, “After the downgrade it was clear this was going to happen. The ECB isn’t going to make an exception to its rule on not accepting defaulted collateral ...”