Spanish 10 year note
If the Spanish banking system is now capital constrained with regard to buying more Spanish govt debt, liquidity adjustments by the ECB won’t matter. In my opinion, global markets are not even close to discounting the systemic risk, as they are over discounting the capability of central bankers to deal with what might happen.

If the Spanish banking system is now capital constrained with regard to buying more Spanish govt debt, liquidity adjustments by the ECB won’t matter.

In my opinion, global markets are not even close to discounting the systemic risk, as they are over discounting the capability of central bankers to deal with what might happen.

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