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It also heightens concerns over the ability of Italy and Spain, the euro zone's third- and fourth-largest economies, respectively, to finance themselves. Greece, Ireland and Portugal started to get frozen out of markets when their 10-year bond yields reached levels of between 6% and 7%.
For Spain, the heightened market tensions come at an awkward time politically, as the country gears up for an early general election Nov. 20. Lacking a parliamentary majority and with his popularity undermined by the economic crisis, Mr. Zapatero announced Friday that he was calling elections ahead of the end of his four-year term in March.
Spanish and Italian 10-year yields have moved closer to the 7% threshold. Moves above that level were viewed as fatal to Greece, Ireland and Portugal, shutting them out of world credit markets and forcing them to seek bailouts.
But while those nations are relatively small, Italy is the region’s third-largest economy and Spain is the fourth largest.
Originally posted by SavedOne
Celente is and has always been an alarmist. He calls himself a "trend forecaster", but he has been wrong so many times that one has to question his credentials (which are largely self-made). He makes his money by going on the talk-show circuit crying about how the sky is falling. In 2009 one of his videos spread across the 'net like wildfire, I remember clearly that he said the stock markets would lose 90% of their value by the end of the year, that people would lose their homes and be living in rented storage lockers and that Christmas of '09 would be notable for the year that people quit buying gifts for each other and instead turned to arts and crafts to make gifts since they would have no money. He was wrong, so he just pushed the same material all of 2010 saying it was still going to happen, he was just a year off. It didn't happen then either. No surprise that he's pushing the same old garbage this year. If he keeps at it then one day he might be right (after all, a broken watch is even right twice a day) and he'll no doubt trumpet about what a great prophet he is if and when that happens
edit on 2-8-2011 by SavedOne because: Typo