Spain Is Rallying After Its Prime Minister Announces More Austerity

One of the outperforming markets this morning is Spain.  That’s something you don’t typically hear.

Spain’s Prime Minister Mariano Rajoy announced a fresh round of spending cuts and tax increases for the debt laden country.

Cuts are expected to total $80 billion.

Spain’s IBEX 35 index is up 0.5 per cent. 

And the government’s borrowing costs are down modestly.  Here’s a chart of the Spanish 10-year yield which is at 6.77 per cent.

spanish yield

Photo: Bloomberg

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