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Foreigners Dump Nearly 80 Billion in Spanish Debt; Haircuts Come After More Dumping
Through the first half of the year, foreigners reduced Spanish debt by Nearly 80 Billion as banks in Spain gobbled up more of the toxic garbage.
Just as happened with Greece, as soon as foreigners dump enough Spanish debt, haircuts on the bonds will come.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Read more at http://globaleconomicanalysis.blogsp...opPRqi6sO5X.99
Foreigners Dump Nearly 80 Billion in Spanish Debt; Haircuts Come After More Dumping
Through the first half of the year, foreigners reduced Spanish debt by Nearly 80 Billion as banks in Spain gobbled up more of the toxic garbage.
Foreign investment in Spanish public debt has decreased by 7 78.168 billion in the first six months of the year, standing at 203.271 billion euros, compared to 281.439 billion which reached the end of 2011. This is a break of 27.7% over last year.
The largest decreases were recorded in February and March, at nearly 25 billion each month.
Analysts note that Spanish financial institutions that are supporting strongly the Treasury issues and thus raising their level of debt thanks to interventions by the ECB.
Just as happened with Greece, as soon as foreigners dump enough Spanish debt, haircuts on the bonds will come.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Read more at http://globaleconomicanalysis.blogsp...opPRqi6sO5X.99