Pensar que el G20 aliviará la soga que asfixia a españoles y europeos es pura ilusión sonámbula, publicidad podrida.

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Unos y otros prefieren chutarse con fútbol y dejar que la crisis la expliquen y comprendan otros.

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Montaje, 20 junio 2012. JPQ.

Cualquier padre de familia comprendería el funcionamiento asfixiante y suicida de la soga al cuello: comprar dinero para pagar déficit y deuda a un precio siempre más alto…

ABC, España coloca más de 3.000 millones, pero paga casi el doble, más del 5 %.
El País, El Tesoro paga por las letras a 18 meses el interés más alto en los últimos 15 años.
La Vanguardia, Los expertos coinciden en la necesidad del rescate total de España.

Financial Times subraya la agravación presente y futura del problema:

Spain’s borrowing costs soar at debt sale

Spain succeeded in selling more than €3bn of treasury bills on Tuesday, but paid a high price to maintain access to financial markets amid economists’ predictions that it would need a full international bailout for its struggling economy.

Spanish T-bill and bond auctions are being closely watched now that international demand for the country’s sovereign debt has collapsed, with the 10-year bond yield in the secondary market breaching 7 per cent – the level regarded as having triggered the bailouts of Greece, Ireland and Portugal over the past two years.

The treasury on Tuesday sold €2.4bn of 12-month bills at an average interest rate of 5.074 per cent, sharply up from the 2.985 per cent it paid at the previous auction last month. It sold €639m of 18-month bills at an average of 5.107 per cent, compared with 3.302 per cent previously.
Bid-to-cover ratios, a measure of demand, were 2.16 for the 12-month paper and 4.42 for the 18-month bills, both better than last time, and the treasury sold its maximum allocation at the auction.
The bigger test could come on Thursday, analysts said, when the Spanish treasury plans to sell more medium-term bonds as part of its funding programme to finance the budget deficit and repay maturing debt.

“The market is effectively broken and is starved of liquidity,” said Nicholas Spiro of Spiro Sovereign Strategy. “The Treasury is trying to mitigate the damage by curbing supply but this only exacerbates market illiquidity, pushing yields ever higher.”

“Spain’s borrowing costs are completely unsustainable and there is no good reason to expect them to fall in coming weeks,” said Megan Greene, director of eurozone economic research at Roubini Global Economics. “Capital flight from Spain has accelerated, and the only realistic way to plug that gap is with official financing.”

An agreement by eurozone governments earlier this month to fund the recapitalisation of Spanish domestic banks with a credit line to Spain of up to €100bn has failed to ease fears that the eurozone’s fourth-biggest economy will need further aid.

A full bailout would cost something close to €500bn, stretch the resources of the EU and the International Monetary Fund, and raise the possibility that Italy would also require assistance and so herald a break-up of the euro.

A senior EU official said he did not expect a formal Spanish request for bank recapitalisation funds in time for Thursday’s meeting of eurozone finance ministers in Luxembourg, where the Spanish rescue will be one of the key agenda items.

“I guess they will want to see the results of the second stress tests before [a request] is actually sent off,” said the official.

The Bank of Spain and the centre-right government of Mariano Rajoy are hoping that the results of stress tests by two groups of consultants, Oliver Wyman and Roland Berger, will show that Spanish banks need less than €100bn of new capital when the reports are released later this week.
The next stage of investigation into the financial system is a detailed audit by four leading accountancy firms of the loan books of Spanish banks, many of which have been crippled by bad loans to property developers and construction companies.

Officials said the audit, originally due to have been finished by July 31, would be delayed, probably until September, because all the parties involved agreed there was more work to be done. [ .. ] Financial Times, 20 junio 2012, Victor Mallet, Spain’s borrowing costs soar at debt sale].

Las negritas son mías.

• España vista desde Alemania: una espiral hacia abajo.
• España, víctima de su(s) deuda(s).

• Europa ante el muro de sus deudas.
• Europa no resuelve sus problemas con 800.000 millones de euros.

• España, Europa (s) y UE en este Infierno.