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Investing

Spain Bond Yields Surge Above Unsustainable 7%

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By Douglas A. McIntyre Updated Published
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The yield on Spain’s 10-year notes rose above 7%, a level at which most experts believe the nation cannot survive without a bailout. Spain will receive $125 billion from its neighbors and the IMF. But, most of that will be passed on to the nation’s banks, and the bailout will increase Spain’s indebtedness. Yesterday, Spain’s sovereign paper was downgraded by Moody’s

According to MarketWatch:

The yield on Spain’s 10-year government bond reached an all-time high of 7% on Thursday, with Tradeweb reflecting the yield at 7.01%, versus a close of 6.772% the prior day. The move came in the wake of a three-notch Moody’s Investors Service downgrade for Spain, which put its debt rating one notch above junk status. Italy’s yield  was at 6.34% as the country prepared to auction medium- and long-term debt.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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