The double downgrading of major Spanish banks and the country's creditworthiness by the rating agency Standard & Poor's has led the borrowing cost of Madrid's treasury to the prohibited area of 6.5%.

The yield of the ten year Spanish bond reached in the secondary market today Monday 28 May these unsustainable highs, returning to levels that forced the European Central Bank to intervene in the bebd markets towards the end of 2011.

At that time the ECB started buying Sp...