The Rome-based Treasury sold 7.5 billion euros of new bonds today at record yields.
“These are hopelessly unsustainable yields and reflect the panic that is enveloping the euro zone,” Nicholas Spiro, managing director of Spiro Sovereign Strategy in London, said.
France has Euro 177bn, Italy 170bn and Spain 167bn bonds maturing which need to be refinanced through first quarter 2012. These do not include the additional new issues to finance the 2012 fiscal deficits likely to be incurred...
With too high a price to pay and so much maturing imminently... you are looking at an unstoppable freight train, with lights flashing and horns blaring about to hit the buffers. Do not let your investments get caught in the middle of the level crossing...this is the time to seriously consider precious metals like gold and silver.
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