We had remarked earlier that markets may have lost their enthusiasm—at least momentarily—for speculating against Spain and Italy.
We still think there are lots of good reasons not to bet too heavily against the Spanish bank bailout, but we admit: we may have spoken too soon about the markets.
Looks like yields on Italian and Spanish bonds are on the rise again after the U.S. market open.
Check out Spanish 10-year bond yields, up 8 basis points today to 6.8 per cent (yikes!):
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