Are European Leaders Completely Oblivious To What's Happening In Their Own Debt Markets?

trichet euro ecb

We already mentioned the WSJ’s latest report on what happened in the days before EuroTARP was unveiled last Spring, but one detail really stands out, cause it’s so shocking:

Mr. Trichet, also at the Brussels summit, had brought a warning: The crisis was about to claim another victim—Portugal—and governments needed to act, now. He shocked leaders by passing around a chart that showed Portugal’s bonds tracking Greece’s nosedive.

Could this be real?

How is it in this day and age, Trichet was able to “shock” other leaders by “passing around” a chart of Portuguese bonds.

If this is true, it means that his fellow ECB economic leaders aren’t, you know, looking at what markets are doing on a daily basis to get a read on things. No wonder they came so close to the abyss. They never went to Bloomberg.com and pulled up any market quotes.

And just in case they still aren’t looking into things, we’ve done them a favour.

Dear European Leaders…

Here's a chart of the Irish 10-year bond. It's surging to new highs!

Here's the Greek 10-year. It's elevated, though not quite at hold highs.

The Portuguese 10-year is just like Ireland's.

The good news is that Spanish bonds have been pretty quiet

And here's the German yield curve. Nothing to worry about here, at least.

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