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Is Germany's Greek bailout designed to fall out of bed? Two secret exit clauses in the agreement have come to light. Might Europe be cheering for its own double-dip demise?
A fear driven flight to safety has driven yields on 10-year German Bunds to 2.56 per cent. This is below the levels touched in the depths of the Great Depression (1929-1939). The spreads over peripheral European debt have risen sharply again, jumping to 137 basis points for Italy, 157 for Spain and 220 for Ireland. More here (25.05.10).