Mish/ Mike Shedlock – Laugh Of The Day: Stress Tests Show Spanish Banks Only Need €16bn And €62bn In New Capital; ECB To Accept ABCP Collateral One Step Above Junk As Collateral – 22 June 2012

The yield on 10-year Spanish bonds has fallen for the second day in a row, and now sit at 6.4% according to Bloomberg.

Yesterday’s news was ECB to relax loan rules for Spanish banks
Benoît Cœuré, an ECB executive board member, told the Financial Times in an interview this week: “We certainly have to make sure that sound counterparties have the means to access our liquidity, including in terms of collateral availability.“