Early last week, bid-ask spreads on European government bonds from Spain and Italy touched some of their widest levels of the year, said Tradeweb.
The manager admitted to being a big fan of Nocilla (a Spanish white chocolate spread) and I think he may even have agreed to bring back some for my wife from his next trip home to Spain.
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Italy and even Spain may yet need liquidity support from some combination of the EFSF, ECB and IMF.
Spain has some support for going slow on austerity from the International Monetary Fund, whose chief economist Olivier Blanchard recently warned that the economic pain caused by government spending cuts across the over-indebted industrialised world since 2009 has proved far worse than expected.
The Derby-based firm has bid for a contract to build 200 diesel trains, some planned to be used on the Great Western line, against rivals from Spain and China.
All this was a break from a traditional clericalist mentality, and Escriva was denounced in some circles in Spain as an anticlericalist, even a heretic.
There are plans to pipe water from Austria down south to much dryer countries like Spain - but some people who live at the source of the water in the Alps are not keen on the idea.
Add in grimmer figures from Italy, Spain and elsewhere, and euro-zone GDP may have fallen by some 0.3-0.4%.
The equity markets in Europe received some support from a short-term ban on short-selling by France, Italy, Belgium and Spain.
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These include not only the big developing countries which have traditionally been invited, such as Brazil, India, China, South Africa and Mexico, but also a number of leaders from Africa, including Nigeria and Egypt, and the leaders of some smaller European countries such as Spain.
Yields in Spain and Italy, which had soared Tuesday, pulled back as investors took some solace from European Central Bank Executive Board member Benoit Coeure, who suggested that the central bank could turn to its bond-purchase program again to ease stress in Spain, where some feared the bond-market selloff would accelerate should 10-year yields top 6%.
With Italy and Spain looking like they will need a European Central Bank backstop to keep them from defaulting on some government expenditures, and France looking like it is next in line for a downgrade, the market went into a tailspin.
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Some 63% of respondents to one French poll say France is the most exposed country to contagion from Greece, after Spain and Portugal.
We traveled to Spain to talk to those parents who believe their children were stolen and some who believe they were taken from their birth parents.
The bubble formed like this: When countries such as Ireland, Greece and Spain joined the euro, their interest rates immediately dropped to near-German levels, in some cases from double-digit territory.
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