The head of the IMF recently stated as have many other that Euro debt crisis is behind us. Interesting. Squawk Box Europe CNBC Question: Why did the Spanish bond yields fall from a 'its over' 7.5% to a 'manageable' 5% during the last 7 month (during US Election period as well). Answer: Who has been buying Spanish bonds? Why themselves! How? The Spanish government spent 90% of the country richest piggy bank the ‘Social Security Reserve Fund’ (SSRF). They spent their own monies to avoid the ECB tougher austerity demands and auditing process attached to the OMT funding window. The SSRF is now bust, what is next? Watch the Spanish bond market closely as the Spanish 10 yr is ticking up.
updated Feb 03, 2013
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