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Spain in the country's borrowing costs based on the light just a bond auction where it raised six point two billion dollars off the selling three in ten year bonds so.
How much time does this really gives Spanish prime minister Mariano Rajoy.
Spotlight ideas managing -- Stephen Pope.
Joining me now from Westminster.
With big band -- up behind him Stephen thanks for joining us.
Look certainly Spain has been dragging its feet we had the well you could say a successful bond auction today because -- just delay everything.
This setting his claim reason to polls and Germany take a view that the markets are supporting how -- running the economy which I think is a fallacy because -- Germany speaking for the three year was a mixture of domestic and overseas if the ten years old domestic paper.
-- one and he has to look at the poll for the secondary market yields took hold the three year and ten year Spanish debt and they soon -- -- back cast against so.
The markets are beginning to tell missed Oriole way we have enough no -- -- and the -- -- you've really got to make your decision making quickly.
-- how long can this go on because they -- the banking system is essentially you know could -- and though the economy is in huge recession so.
I mean it's inevitable.
Shortly will be better sooner than later.
Oh absolutely I think it definitely has to happen sooner as a gain -- as you mentioned that the banking system is in -- -- of oval -- Bank here is having a secondary restructuring.
The provincial government's -- queuing up eight and unless this ECB.
Quote -- recorded who's -- -- could not necessarily fund itself efficiently.
In the capital markets I note that the Spanish prime minister and the Italian PM will be gathering together.
-- -- compare notes and I'm sure that I -- the -- TM room will be pushing.
The his Spanish counterpart to go -- -- -- quickly because it might clear way where it's -- you can check what conditionality Spain etc.
Basically -- -- they just as reformist and so they could not possibly -- that same line.
We also have Mario target ahead of the FE CB meeting with the Angola Merkel in Germany next week and I guess he's really on -- -- trying to sell the bond buying program they'll be talking to some.
Business leaders in Germany as well as some German lawmakers.
I would imagine he's gonna get some skepticism on that -- He's certainly well I think that look who is a way that Germany has to play a -- hands try and keep the Euro zone intact.
But there -- a limit to how much German taxpayers can be expected to I.
We saw that conditionality written into how the constitutional court.
Pulse disapproval for the ESM makes a 119 billion euros and that's the most but quite frankly if you -- between the lines Jimmy -- priced a great deal more meant to support to Europe.
We have -- preferred by -- out its awards still stacking up to be -- -- -- packing cost after another.
But this and about fifteen seconds Damon is the eurozone.
And a -- -- more secure place now than it was six months ago thanks to the Central Bank.
I think of the currencies of the responding quite nicely the current time of those not justified.
-- you and if you look at the economic -- today to see your income up three year -- -- PMI's across the board German exports the worst level three is so the Euro zone is not a strong place very well but Stephen Pope in London thank you for joining us really appreciate it.
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