European Bond Yield Summary 7/25/12

10-Year Yields:
Greece 28.35%
Portugal 11.21%
Spain 7.64%
Italy 6.55%
Belgium 2.82%
France 2.28%
Austria 2.05%
Netherlands 1.78%
Finland 1.53%
U.K. 1.45%
U.S. 1.40%
Germany 1.26%

France-Germany Spread 102
Spain-Germany Spread 638
Italy-Germany Spread 529
U.S.-Germany Spread 14

Spain 2-Year Yield 6.84%
Spain 5-Year Yield 7.55%
Spain 10-Year Yield 7.64%
Spain 30-Year Yield 7.59%

Italy 2-Year Yield 5.00%
Italy 5-Year Yield 6.27%
Italy 10-Year Yield 6.55%
Italy 30-Year Yield 6.95%

Greece blows out over 28% and Portugal blows out above 11%.  Spain continues to set record yields and the Spain-Germany spread continues to escalate showing that the wheels have fallen off the cart. Italy's 10-year is back above 6.5%, ring the bell. The Italy 2-year is over 5%. The contagion is clear with Spain, Portugal and italy under serious stress. The France 10-year yield continues to inch up day after day over the last couple weeks, now at 2.28%.  The Gemany yield is flat-lining from yesterday at 1.26% as the nations' confidence numbers drop to a two-year low.

The Spanish yield curve is at inversion for the 5's thru the 30's. A full fledged bailout of Spain is needed.  The European debt crisis is spinning out of control, contagion is spreading as Euro leaders appear frozen from action under the weight of the crisis.

Note Added 7/25/12 at 7:45 AM EST:  Spanish 2-year yield surpassed 7% this morning which is a euro-era high.