{"id":19799,"date":"2012-07-24T13:20:41","date_gmt":"2012-07-24T17:20:41","guid":{"rendered":"http:\/\/www.thedisciplinedinvestor.com\/blog\/?p=19799"},"modified":"2016-09-20T12:12:45","modified_gmt":"2016-09-20T16:12:45","slug":"spain-the-game-is-almost-over-immediate-action-or-bust","status":"publish","type":"post","link":"https:\/\/thedisciplinedinvestor.com\/blog\/2012\/07\/24\/spain-the-game-is-almost-over-immediate-action-or-bust\/","title":{"rendered":"Spain: The Game is Almost Over &#8211; Immediate Action or Bust"},"content":{"rendered":"<p>Yields have surged again to record levels in Spain today. The auction earlier was not received to well and that created new angst for investors. Interestingly, the 5-yr rate was above the 10-yr (inverted curve) signalling that the country no longer has the ability to fund its short term obligations.<\/p>\n<p>With the news that Greece is not making its budgetary <!--more-->requirements (<a href=\"http:\/\/www.twitter.com\/andrehorowitz\"><strong>Tweeted earlier<\/strong><\/a>), the Euro came unraveled and yields spiked.<\/p>\n<p style=\"text-align: center;\"><a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/andrewhorowitz\" data-show-count=\"false\">Follow @andrewhorowitz<\/a><script type=\"text\/javascript\" src=\"\/\/platform.twitter.com\/widgets.js\"><\/script><\/p>\n<blockquote><p>Briefing.com: An EU Official says Greece is seen missing EU\/IMF debt reduction targets, further debt restructuring necessary.<\/p><\/blockquote>\n<p><a href=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2012\/07\/euroyilds-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-19800 aligncenter\" title=\"euroyilds\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2012\/07\/euroyilds-1.jpg\" alt=\"\" width=\"609\" height=\"412\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: left;\">Over the past couple of weeks, yields have exploded in the EuroZone to levels that are unsustainable. This is something that we have been talking about for a while and notes in our recent <a title=\"H&amp;C 3rd Quarter Economic Commentary  The Velocity of Money\" href=\"http:\/\/www.thedisciplinedinvestor.com\/blog\/2012\/07\/19\/hc-3rd-quarter-eco-commentary-the-velocity-of-money\/\"><strong>quarterly commentary<\/strong><\/a>.<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2012\/07\/euroyldch-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-19801 aligncenter\" title=\"euroyldch\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2012\/07\/euroyldch-1.jpg\" alt=\"\" width=\"244\" height=\"265\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yields have surged again to record levels in Spain today. The auction earlier was not received to well and that created new angst for investors. Interestingly, the 5-yr rate was above the 10-yr (inverted curve) signalling that the country no longer has the ability to fund its short term obligations. With the news that Greece [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5,12],"tags":[481,355,483],"class_list":["post-19799","post","type-post","status-publish","format-standard","hentry","category-economy","category-markets","tag-economy","tag-financial-crisis","tag-markets","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"acf":[],"_links":{"self":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/19799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/comments?post=19799"}],"version-history":[{"count":0,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/19799\/revisions"}],"wp:attachment":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/media?parent=19799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/categories?post=19799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/tags?post=19799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}