European Bond Yield Summary 6/14/12; Spain Hits Record 7%

Spain hit 7% on the 10-year yield a short time ago, a record high. Italy is blowing out as well moving up towards 6.5%. The 7% level is key since that is what triggered bailout moves for other countries' sovereign debt. 

10-Year Yields:
Greece 29.10%
Portugal 10.69%
Spain 6.99%
Italy 6.27%
Belgium 3.24%
France 2.73%
Austria 2.41%
Netherlands 2.03%
Finland 1.85%
U.K. 1.76%
U.S. 1.60%
Germany 1.51%

Moody's downgraded Spain and Cyprus last evening. Interestingly, Germany's yield is flat; there is no longer the strong push to perceived safety. The France-Germany spread is at 122 with no serious change this week. Germany is starting to be painted with the same brush as the rest of Europe. The Spain-Germany spread is 548 blowing out large signaling big trouble ahead.  Europe continues to fiddle while their continent burns.  Time is of the essence now, the markets are starting to force Europe's hand.