Is Anyone Answering the Phones at the ECB?
June 14, 2012 at 10:23 AM EDT
As of today, the Spanish bank bailout remains a phenomenal policy failure. Spanish bond yields continue to rise, with the impact of the ECB’s LTRO operations now effectively negated: Worse, this policy disaster extends now into Italy, with short term debt now taking a hit: The Rome-based Treasury sold the one-year bills at 3.972 percent, [...]
