The ECB, IMF, EMU, and EU are on the verge of multiple emergency meeting, if indeed meetings are not already underway. A quick check of the following bond spread tables and today's yield action will explain.



Across the board, yields and spreads widened significantly today. Note in particular the jump in the 2-year bond yield of Belgium.Also note the inverted spread situation for Belgium.



The spread to German 2-year bonds is 3.49 while the spread to 10-year bonds is 3.13.



Sovereign Debt Table 10-Year Bonds



Country Change Yield Spread Germany +.00 1.78 0.00 France +.26 3.68 1.90 Spain +.23 6.34 4.56 Italy +.37 7.07 5.29 Portugal -.16 11.29 9.51 Belgium +.32 4.91 3.13 Ireland +.47 8.21 6.43

Sovereign Debt Table 2-Year Bonds

Country Change Yield Spread Germany +.00 0.31 0.00 France +.28 1.82 1.51 Spain +.31 5.31 5.00 Italy +.49 6.48 6.17 Portugal +.27 17.40 17.09 Belgium +.53 3.80 3.49 Ireland +.19 8.34 8.03