Mocking the eurozone

The involuntary joke of the EFSF:
When the vehicle [EFSF] that is supposed to borrow on behalf of countries that can’t borrow, can’t borrow, then that pushes the crisis into an even more dangerous phase. The first attempt to find investors of just $4bn for the EFSF failed miserably last week as global investors shunned the market, accompanied with ridicule and mockery for the ECB, the EU commission and the French-German axis.

The dramatic deterioration of the ability to raise funds of some eurozone countries continues as yields of government bonds climb to new record highs today. Italy's 10-yr bond yields rise to 7.21%, Spain's to 6.43%, Belgium's to 5.03% and France's to 3.77% currently.