Rajoy Says Spain in ‘Extreme Difficulty’ as Bond Demand Drops!

- The Illuminists are not interested in resolving the debt problem in the Eurozone. They are continuing the financial rape of the sheeple while building the problem into ginormous proportions. Do not believe the illusion they sell you in the MSM. The plan is: global economic, financial and monetary collapse leading to world war!
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Rajoy Says Spain in ‘Extreme Difficulty’ as Bond Demand Drops!
By Emma Ross-Thomas, http://www.bloomberg.com/
Prime Minister Mariano Rajoy said Spain’s situation is one of “extreme difficulty” and signaled that his budget cuts are less painful than a bailout would be, as demand for the nation’s debt slumped at an auction.
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“Spain is facing an economic situation of extreme difficulty, I repeat, of extreme difficulty, and anyone who doesn’t understand that is fooling themselves,” Rajoy told a meeting of his People’s Party today in the southern coastal city of Malaga.
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Rajoy raised the threat of an international bailout for the second time this week as he sought to defend the deepest austerity moves in at least three decades. While “no one likes” the budget presented last week, he said “the alternative is infinitely worse.”
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Spain sold 2.59 billion euros ($3.4 billion) of bonds today, just above the minimum amount it planned for the auction and below the 3.5 billion-euro maximum target. The average yield on the bonds due in October 2016, which act as the five-year benchmark, rose to 4.319 percent from 3.376 percent at last month’s sale. Secondary-market yields rose to 4.48 percent.
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Spain’s 10-year borrowing costs are approaching the levels seen in December, before the European Central Bank said it would make unlimited three-year loans to banks. Some of the 1 trillion euros taken in the so-called LTROs has been recycled into high-yielding government debt, which initially helped shave as much as 95 basis points off Spanish yields before they began to rise again in March.
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