If it’s Thursday, it must be Madrid. After Italy’s encounter with soaring borrowing costs last week, it is now Spain’s turn. An auction of 10-year government bonds went badly on Thursday; the authorities were forced to pay a whisker under 7 per cent, the level above which the word “bail-out” gets whispered. It means that Spain’s borrowing costs are 150 basis points higher today than a month ago. Spain’s predicament is different from Italy’s. Yet investors no longer differentiate between them.
既然是周四，那该轮到马德里了。继上周意大利国债借贷成本飙升后，现在轮到西班牙倒霉了。周四，该国10年期国债拍卖不顺利，当局被迫支付逼近7%的收益率，一旦超过7%，人们就免不了说出“纾困”这个词了。这意味着西班牙今天的举债成本比一个月前高出150个基点。西班牙的处境与意大利不一样。但投资者已不再区分它们。
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