Spain Debt Costs Spike Higher
Spain’s financial future took another thrashing today. The yield it had to pay on new bonds almost doubled from its last auction. The yield on three-month bills was .634%. For six month paper, it rose to 1.58%. The figures are…
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Spain’s financial future took another thrashing today. The yield it had to pay on new bonds almost doubled from its last auction. The yield on three-month bills was .634%. For six month paper, it rose to 1.58%. The figures are a sign that Spain cannot convince the capital markets that its fortunes are safe for even a few short months.
Spain’s unemployment is over 23%. And, the consumer economy is so poor that demand for home loans dropped 47.1% on a an annual basis in February, while capital loaned dropped 54.8%. Spain’s housing market has already been damaged enough that the drop in real estate values is a major cause of the trouble with the nation’s largest banks.
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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
