Blogman's Notes: Just a day after the Greek elections when the Eurozone heaved a sigh of relief, and it was thought that it was safe to enter the investment waters of Europe once again, it turns out that the sharks have found bigger prey in Spain and Italy. How long can the Powers that be keep spinning the numbers and pretend that the solution to the world's Economic (DEBT) problems is just around the corner? Since 2008 that corner has moved further and further away; the Global Economy is DOOMED! And it seems that the end is much closer now, not the solution!
The soaring borrowing costs highlight the shortcomings of a June 9 euro zone deal to lend Spain up to 100 billion euros ($126 billion) for its banks. They also illustrate how Europe's problems run much deeper than Greece, brought back from the brink of default in Sunday's parliamentary election.
Leaders of the world's major economies, meeting for a G20 summit in Los Cabos, Mexico, piled pressure on the euro zone to take decisive steps towards a fiscal and banking union to stem a two-and-a-half year old debt crisis that is holding back the global economy.