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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Thursday, #19

The day started kind of bad, around 10am GMT, Spanish 10-year bond yields reached 6.975%. That is the highest rate since 1997 and an increase of 1.5% since last month. The Italian 10-year yield is back above 7% (7.1%) and Italian students are on the streets of Milan throwing eggs. They are against Monti’s government, because of its ties to the financial sector (too many economists for their taste). Uhm. Scusa… but your nutcase of a prime minister has finally been replaced by someone who might be a little more approachable regarding Europe’s problems and now he’s too much of a banker for you? A week into office?! CHE COSA?! read article

Meanwhile, Mongolia’s GDP grew by 20.8% in Q3 of 2011. So not everybody is doing badly. Mongolia ranks on #160 of economies by size globally.

Regarding the possibility of a eurozone break-up, Reuters is asking if you can unscramble an omelet, which makes me, being really bad at cooking, wonder if it wouldn’t just be scrambled eggs, if you had scrambled an omelet… confusing. read article

British Northern Rock, nationalized in 2007, was acquired by Virgin Money for £747m. Yes. Richard Branson. Now, is that more or less comforting than ownership of the British government? Probably more, after all his airline is pretty good… read article

Planet Money’s Adam Davidson tells us to go out and spend that money, because Black Friday might not do the trick this year and because inflation is the Sorcerer’s Apprentice of the economy. read article

Also, this “Dear human…” comic made me laugh (especially the duck): read comic

So long.

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