Nytt

Skatteinngangen krymper, momsinntektene likeså og myndighetene må skjære. Gjelden stiger og basis blir mindre. På et eller annet tidspunkt er man hinsides point of no return.

Så ille er det ved å bli i Spania, et av de store landene i EU.

Sosialdemokratenes tidligere statsminister Felipe Gonzales sier det er en total katastrofe som er under utvikling.

“We’re in a situation of total emergency, the worst crisis we have ever lived through” said ex-premier Felipe Gonzalez, the country’s elder statesman.

Spanske obligasjoner er på et rentenivå som staten ikke kan betale over tid. Alle venter på intervensjon fra EUs sentralbank. Kommer ikke den blir det panikk. Hva skal EU gjøre? Kaste gode penger etter dårlige? På et eller annet tidspunkt må noen si stopp og la kreditorene blø. Men ennå utsetter man smerten, og luller seg inn i en tro på at det skal gå over. Mirakuløst.

The warning came as the yields on Spanish 10-year bonds spiked to 6.7pc, pushing the “risk premium” over German Bunds to a post-euro high of 540 basis points. The IBEX index of stocks in Madrid fell 2.6pc, the lowest since the dotcom bust in 2003.
Chaos over the €23.5bn rescue of crippled lender Bankia has led to the abrupt resignation of central bank governor Miguel Ángel Fernández Ordóñez, who testified to the senate that he had been muzzled to avoid enflaming events as confidence in the country drains away.
Markets are on tenterhooks as Spanish yields test levels that forced the European Central Bank to respond last November with its €1 trillion liquidity blitz. “Nobody is short Spanish debt right now because they are expecting ECB intervention,” said Andrew Roberts, credit chief at RBS. “If it doesn’t come — if we take out 6.8pc — we’re going to see a hyberbolic sell-off,” he said.

Spain faces ‘total emergency’ as fear grips markets
Spain is facing the gravest danger since the end of the Franco dictatorship as the country is frozen out of global capital markets and slides towards an epic showdown with Europe.