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EUR’s Ongoing Slow Grind
Risk this morning is being tentatively applied on signs of stronger fundamentals in the US economy. Spain, too, appears to be softening its stance on seeking financial assistance. A senior Spanish official revealed yesterday that Madrid is considering a request for a line of credit from the EU’s new bail out program. To date, the Spanish Prime Minister has been playing a dangerous strategy, betting that another bout of market turmoil would enable him to broker better terms over German resistance. Rajoy’s perverse way of thinking is that “the worse that it gets, the better it is” for Spain. Everyone realizes ... (full story)
