The markets have gone after Spain. Italy is firmly in their crosshairs. Today Monday July 23 Spanish 10yr bond yields surged beyond 7% and into the zone most analysts regards as imminent sovereign bailout territory. Its credit rating is next to junk. It's back to summer madness 2012.
|Viva Espana. From Moorish Andalusia to bars in Madrid, Spanish|
submission or resistance to the notorious Troika will be tested soon. 2012
Two of Spain's regions Catalonia and Valencia are broke and seeking Madrid's help to pay the bills. Before the crisis Spain enjoyed a boom funded by North European Banks. Now they want their money back. Debt money talks louder than guns these days but the results are the same, pain and suffering.
Will the Spanish go along with a Troika (European Commission, IMF & European Central Bank) takeover of their country. Who controls the finances calls the shots is a favourite German expression.
But it can not go on like this much longer. Never in the history of conquest has a country submitted to aggressive Imperial will without some degree of resistance. In pledging total commitment to the Euro and the expansion of Superstate by financial coercion, the Troika (and this is now what it stands for) continues to alienate citizens from the very idea that more Europe is a good thing.