Draghi is not going to play yet...
Bank Chief Rejects Calls to Rescue Euro Zone
And despite ever louder calls for central bank intervention, Mr. Draghi offered no hope he would come to any country’s rescue by pumping money into the financial markets.
The Pain in Spain
Euro-Zone Contagion Has Madrid Deeply Worried
The Spanish have less debt than the Germans, and they've set strong austerity measures in gear. Nevertheless, they might become the next victims of the euro crisis. Madrid's troubles show that individual nations can hardly defend themselves against speculative attacks.
Horror has a name: the zona de rescate, or rescue zone. That's what the Spanish media calls the region above 7 percent on international bond markets. When Greece, Portugal and Ireland had to start paying 7 percent, they were forced to seek help from the European Union in carrying their national debts.
On Thursday, Spain lurched a hair's breadth away from the zona de rescate. In an auction of 10-year government bonds, the nation had to offer investors interest rates of 6.975 percent. It's the highest rate Spain has paid since 1997, before the launch of the euro, and the shock came only three days before a parliamentary election that will probably topple the government of Socialist President José Luis Rodríguez Zapatero.
More Ouzo please.
Greek "Unity Government" Effectively Collapsed Already
The very instant the Greek "Unity Government" formed it was divided. Antonis Samaras, the leader of Greece’s New Democracy Party, one of the three coalition parties that formed the government says he will not sign a document demanded by the IMF before it will release the next tranche.
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