Seattle Mortgage Rates Today 5/17/12
Seattle Mortgage Rates Today 5/17/12: “Hey, Greece, is this what purgatory feels like?” Still with no unified government, Greece is in political purgatory. The opposition between The New Democracy, the pro-bailout constituency, and Syriza, the anti-bailout party, continues to divide the country. News that select banks in Greece will not receive funding any longer from the ECB exacerbates the dire straits that currently face them. The President of the ECB, Mario Draghi, stated that the Greek government needs to head the recapitalization effort. He went on to say that “the integrity of our balance sheet” will not be compromised in an effort to bail-out Greek banks. The persistent negative sentiment continues the downward pressure on the Euro while the US dollar benefits.
“Spain, you’re the next contestant on the price-is-not-so-right!” Spain is also experiencing economic pain buried in debt of gargantuan proportions along with its failing banking industry. If Spain continues on this road, they may be next in line for failure. Should the availability of bond market funding for Spain cease, it could be very detrimental. As of now, the Spanish 10-Year note is climbing to unsustainable levels while prices continue to fall. If the ECB does not step in to control the situation there will be unfortunate consequences the EU, indeed.
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