Global stock markets were hit hard Friday, as Spain disclosed its borrowing from the European Central Bank hit new highs, as investors fled Spanish debt. Spain is Europe's 4th largest economy and as it can't sell bonds to raise money, except at very high prices, its economy continues its downward spiral, a spiral that will impact global economies. Also on Friday, the cost to insure Spain's debt hit the highest on record.
My goal is not to alarm you dear reader but to inform you, for the situation is rapidly deteriorating, unfortunately as we have been predicting. But on behalf of Spain's men and women and especially on behalf of its most vulnerable people, its children, let us hope the situation markedly improves. Please never forget we are all brethren and what impacts some of us will impact all of us.
Dick
To learn more, please see "Spain Jolts Global Markets," The Wall Street Journal http://online.wsj.com/article/SB10001424052702304356604577341133498311916.html
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