The India Times – Barack Obama Calls Spanish Premier About Eurozone Crisis – 7 August 2012

MADRID: Spanish Prime Minister Mairano Rajoy spoke with US President Barack Obama on Monday in a telephone call regarding the eurozone crisis and the financial markets, their offices said.

Obama called Rajoy for a half-hour chat in which they “addressed the economic situation in Spain, in the European Union, and in the world,” according to a statement issued by the Spanish premier’s office.

They also discussed the situation on the financial markets, where nervous investors have driven up Spain’s borrowing costs to unsustainable levels over the long term, complicating the country’s ability to finance its debt.

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Mish/ Mike Shedlock – Fitch Managing Director Says Spain Will Miss Budget-Deficit Target By “Substantial Margin”; Yields In Spain And Italy Soar; Spanish 10-Year Yield Hits Record High 6.83% – 12 June 2012

The selloff on Spanish and Italian bonds continued today with yields in Spain hitting euro-era record highs.

On the deficit side of matters, I do not believe Spain will meet its budget-deficit targets, and neither does Fitch.