Renten på spanske obligasjoner steg til over 6 prosent. Krisestemningen er tilbake, og mange tror Spania må reddes på linje med Hellas.
Spain is once again experiencing tremendous pressure from the financial markets. With the economy sliding and Spanish banks no longer able to finance themselves independently, doubts are growing among investors that the country can service its debts without outside help. Some are already speculating that Spain will have to request aid from the European Union’s euro rescue fund.
On Monday, the interest rate on 10-year government loans rose for the first time this year to over the 6-percent mark, increasing by 0.13 points to 6.12 percent. Investors are demanding increasingly higher risk premiums in order to buy Spanish bonds.
The cost for credit loss insurance also rose to a record high. For securities with a five-year term and a face value of $10 million, insurers are demanding an annual premium of $520,000.
«We’re back in full crisis mode,» Rabobank strategist Lyn Graham-Taylor said, according to Reuters. «It is looking more and more likely that Spain is going to have some form of a bailout.» For weeks now, markets have been rife with speculation that Spain may have to borrow money from the European Financial Stability Facility (EFSF) in order to shore up its foundering banks. Figures ranging from €50 billion to €100 billion are being bandied about.
The Spanish banks are so saddled with a mountain of non-performing real estate loans that few other European banks are willing to continue to lend them money. Instead they must rely on the European Central Bank (ECB) for fresh infusions of cheap money. In March, the banks borrowed a record €316 billion from the ECB — close to twice the amount borrowed in February.