We’re In The Middle Of A Run On Europe—And It’s Gonna Get Worse

Specifically, a run on European debt.

So this morning, I woke up—hung over and alone, except of course for the Nympho Twins and the Thai hooker they insisted we hire last night—and was confronted with some bond market action that was . . . absurd.

Yeah, I know: A spread like that
doesn’t seem humanly possible.

Actually, kind of scary.

Yeah, Italian bonds are back to yielding over 7%, Greek debt is ludicrous (28.85%? Really?) as it has been for the last year, Portuguese 10-years are at 11.29%, the Irish at 8.20%, Spain at 6.33%—numbers that more or less fit where we are supposed to be insofar as the PIIGS are concerned, following the whole Greek Drama and Italian Farce, right?

So what’s up with Austria’s debt? Nevermind France’s debt, which is of course higher because of the whole Italy thing—what about Holland’s debt? Finland’s debt? In short, what’s going with the debt of the non-PIIGS who are not Germany?

Take Austria: Read more »