ECB in Spain: finally hitting the bondholders?

It’s about time. If this is true, it’s a step in the right direction – towards a fairer sharing of the burden of the crisis, towards increased demand (reduced austerity), and towards creation of a more stable financial system through a reduction in moral hazard.

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Save the poor German banks!

In case you were still wondering who was being bailed out (h.t. Counterparties) in Spain…
Blaming the governments of the Eurozone periphery for the current banking & currency crisis is not so different from blaming the mayors of Atlanta and San Bernardino for the US housing bubble.