# Will it happen?



## Trubrit (Nov 24, 2010)

Spain's borrowing costs hit a record high on Friday, breaking through a key threshold at which Greece, Ireland and Portugal officially needed a bailout.
Investors demanded a yield of 7.1% on Spain's 10-year bonds on Friday morning as fears of contagion from the eurozone debt crisis continued to escalate.

Last week, returns on equivalent Italian bonds also breached the symbolic 7% mark.

However, yields on both Spanish and Italian bonds fell back sharply after quick intervention from the European Central Bank (ECB) to buy up some of the debt on the secondary market, but safer economies saw their borrowing costs begin to rise.


----------



## Alcalaina (Aug 6, 2010)

Quite honestly, I'm past caring. Wake me up when it's over!


----------



## brocher (Mar 21, 2011)

Alcalaina said:


> Quite honestly, I'm past caring. Wake me up when it's over!


It's beginning to feel that way isn't it.


----------



## jimenato (Nov 21, 2009)

Alcalaina said:


> Quite honestly, I'm past caring. Wake me up when it's over!


It's quite comforting in a strange way, there's nothing any of us can do about it, and if one's own life goes completely tits up so will everybody else's.


----------



## gus-lopez (Jan 4, 2010)

Can someone explain to me why 7% is the 'magic' figure ? Why it's unsustainable ?

The banks , building societys, etc; didn't consider that it was unsustainable for me & 000's of others back in the 80's when they were raising my mortgage to 7 ,8 ,10 & 12% ? If they've got the income then surely they can pay it ? It only becomes a problem when the interest exceeds the repayments made ?


----------



## Pesky Wesky (May 10, 2009)

jimenato said:


> It's quite comforting in a strange way, there's nothing any of us can do about it, and if one's own life goes completely tits up so will everybody else's.


I wonder if there are any young people in your family, about to try and "make their way in the world"...


----------



## Guest (Nov 19, 2011)

Pesky Wesky said:


> I wonder if there are any young people in your family, about to try and "make their way in the world"...


*raises hand*

Both of us work in education. OH for the regional government, and I work for the national government. I'm scared s***less, for lack of a better term. I hate to say it, but I'm comforted by the fact that I have the US to fall back on. Also, I do make it past the Canadian immigration lottery test (I went to uni there) so that's another option. But yeah,  I'm already starting to think about worst case scenarios. The problem is our mortgage and car payments.


----------



## country boy (Mar 10, 2010)

I'm beginning to feel that Ostriches have got it right, the whole thing makes absolutely no sense to me so my head is going down into my comfort blanket and I'm ignoring "todos". Wake me when sanity has returned....oh...someone switch off the light please!


----------



## Pesky Wesky (May 10, 2009)

halydia said:


> *raises hand*
> 
> Both of us work in education. OH for the regional government, and I work for the national government. I'm scared s***less, for lack of a better term. I hate to say it, but I'm comforted by the fact that I have the US to fall back on. Also, I do make it past the Canadian immigration lottery test (I went to uni there) so that's another option. But yeah,  I'm already starting to think about worst case scenarios. The problem is our mortgage and car payments.


Yes, I have the UK to "fall back on"!!!
ound:  :madgrin: ound:

Seriously, there's no way I'd contemplate a move back. OH even less!


----------



## thrax (Nov 13, 2008)

As some friends of friends have recently discovered, a move back to the UK could easily be worse than staying put in Spain. They moved back to their house, kicked out the tenants who were covering the mortgage with the rent, found no work and are now facing the very real prospect of having their home repossessed as they are now 3 months behind with their mortgage repayments. They also have a home in Spain which has a substantially smaller mortgage and they now realise they should have stayed put. It would have been very tight but doable. Now they are properly bug%$··"d


----------



## jimenato (Nov 21, 2009)

Pesky Wesky said:


> I wonder if there are any young people in your family, about to try and "make their way in the world"...


No - no kids which may well influence my thinking on these matters. Far more of a worry to those with dependants.


----------



## Pesky Wesky (May 10, 2009)

jimenato said:


> No - no kids which may well influence my thinking on these matters. Far more of a worry to those with dependants.


Exactly.

No further comment.


----------



## jimenato (Nov 21, 2009)

Pesky Wesky said:


> Exactly.
> 
> No further comment.


However it doesn't change the fact that there's nothing anyone can do and worrying won't help. So I won't.


----------



## Pesky Wesky (May 10, 2009)

jimenato said:


> However it doesn't change the fact that there's nothing anyone can do and worrying won't help. So I won't.


Just as you don't understand those wanting to vote PSOE on the other thread (although I'm not sure that anyone has said they would!) I find it difficult to understand the "sit back and do it to me" attitude. "Worrying about it" as you put it certainly won't help, but I don't find it's something I can turn on and off. *I don't "worry" at will*.
I could say I envy you your ability to not worry simply because you feel there's nothing you can do, but I don't. If someone isn't worried/ concerned/ interested (and I challenge anyone to be concerned and interested without being "worried") about the current sitution of Spain then I think they aren't living in Spain. Maybe renting space, but not living in the country, understanding what's happening to its people, experiencing life in Modern Spain.
The fact that you don't have young people near you that you are concerned about as you say probably colours your feelings on the subject. You don't have any under 30's in your bar? Anyway, I think I would say think about the wider picture and not just your environment 'cos if Spain goes under you're going as well. That fact that we all go together doesn't brighten it up for me :confused2:


----------



## jimenato (Nov 21, 2009)

Pesky Wesky said:


> Just as you don't understand those wanting to vote PSOE on the other thread (although I'm not sure that anyone has said they would!) I find it difficult to understand the "sit back and do it to me" attitude. "Worrying about it" as you put it certainly won't help, but I don't find it's something I can turn on and off. *I don't "worry" at will*.
> I could say I envy you your ability to not worry simply because you feel there's nothing you can do, but I don't. If someone isn't worried/ concerned/ interested (and I challenge anyone to be concerned and interested without being "worried") about the current sitution of Spain then I think they aren't living in Spain. Maybe renting space, but not living in the country, understanding what's happening to its people, experiencing life in Modern Spain.
> The fact that you don't have young people near you that you are concerned about as you say probably colours your feelings on the subject. You don't have any under 30's in your bar? Anyway, I think I would say think about the wider picture and not just your environment 'cos if Spain goes under you're going as well. That fact that we all go together doesn't brighten it up for me :confused2:


OK, I accept that what I have said may come over as callous but some posts on this thread are distinctly light-hearted - from alca, country boy, brocher etc. and mine was meant that way. Is it called Gallows Humour?


----------



## Sonrisa (Sep 2, 2010)

Answering to the OP"s question. Yes, I think it will happen. 

I hope it will happen. this is not necessarily a bad thing. 

Maybe it is time to get back to basics. Surely you cannot spend twenty, if you only have ten. I hope the spaniards have learned their lessons and I hope whoever takes power are more focused in putting every one back to work than saving the Euro. 

Else, you'll really need another country , be it the USA, UK or even Egypt, to fall back.


----------

