UPDATE 1-Spain bond sale costs soar toward danger levels

Reuters ^ | 17 November 2011 | Nigel Davies

[J Aguilar]

UPDATE 1-Spain bond sale costs soar toward danger levels

Thu Nov 17, 2011 5:35am EST

* Spain sold 3.6 bln euros of new 10-yr benchmark bond

* Yield was 6.975 pct, highest since 1997

* Just below 7 pct level seen as unsustainable

By Nigel Davies

MADRID, Nov 17 (Reuters) - Spain paid the highest rate to sell its 10-year debt since 1997 on Thursday, just shy of the 7 percent mark seen as unsustainable, as the country is swept deeper into the euro zone's debt crisis ahead of a Parliamentary election on Sunday.

[J Aguilar]

Four days before the national election day, markets leave Spain at the brink of economic collapse. A sarcastic reminder of how the Socialist won back the Spanish government in 2004 after the 3/11 coup. The message is loud and clear.

[J Aguilar]

Ping!

[Oatka]

Yield was 6.975 pct, highest since 1997
Just below 7 pct level seen as unsustainable

Boy, it's a good thing they didn't go for 6.999 pct or they'd REALLY be "Just below 7 pct level seen as unsustainable." [rolleyes]

If anyone hasn't listened to Nigel Farage chew out the Euro pols, it is an absolute joy to hear him. There's a whole string of 'em on YouTube. Here's one example.

[J Aguilar]

Indeed. The EU is anything but democratic, and what happend on Thursday with the Spanish debt was an ultimatum from the same people who have appointed those who Nigel Farage critizes: either choose the right wing Popular Party and their reforms by a wide majority and keep some autonomy or lose your independence by direct intervention and become a colony from Paris and Berlin, as Italy and Greece are now.

[tanuki]

I pray that nothing extraordinary happens in Spain over the next twenty four hours. If all goes well and the PP is in control, I would pray that democratic rule is not supplanted by technocrats, as in Greece and Italy.

[J Aguilar]

Thank you for your prayers. Now all depends on Rajoy’s will.