6%, by any measure, is borrowing rate that a country with 20% unemployment can’t afford. European leaders were on the brink of a victory dance in early March when Spanish 10-year yields traded with a 4 handle. Today they traded as high as 5.96%.
Italy isn’t far behind with 10-year yields at 5.58% and the local stock market down 2.75% today (and 14% since March 19).
