Expensive, but Still Pretty
Spain sold 3.1 billion euros of debt today. The interest rate was the second highest in over 10 years at 6.65%, which makes it expensive. The pretty part was that the Spain Treasury sold more than their goal, showing that there is a market for their debt. The market was emboldened by the bold declarations of ECB President Mario Draghi (the Dr. Bernanke of Europe). It will be weeks before the details of Pres. Draghi’s plans are known, but his statements have worked to at least temporarily calm the markets as we end the summer. Readers should now focus on how best to prepare for a slower economic environment in the second half of 2013.
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