by Calculated Risk on 12/12/2011 08:52:00 AM

Another summit. More disappointment ...

The Italian 2 year yield is up to 6.14%, and the 10 year yield is up to 6.72%. Both were below 6% last week.

The Spanish 2 year yield is up sharply to 4.7%, and the 10 year yield is up to 5.98%.

From the NY Times: Chronic Pain for the Euro

“More tests will obviously come, and soon,” perhaps as early as the opening of financial markets on Monday, said Joschka Fischer, the former German foreign minister.
...
The European stock markets had slipped by midmorning on Monday and ... Moody’s Investors Service said it could downgrade the sovereign ratings of some European Union countries in coming months, adding that the crisis remained at a “critical and volatile stage.”
...
The issue is how to promote economic growth and competitiveness in the poorer countries at the euro zone’s periphery that ran up large debts and trade deficits. “You need discipline as part of your stabilization strategy, but we also need a much stronger growth strategy for the southern countries,” including Italy, Mr. Fischer said.

Yesterday:
• Summary for Week ending Dec 9th
• Schedule for Week of Dec 11th