[dropcap]T[/dropcap]oday’s reduction in demand for German bonds is an interesting and important development. It is logical: a perception of safety has pushed yields to unattractive levels and European banks are actively deleveraging. Regardless of the reason, higher costs could provide the incentive Germany needs to capitulate and lend support to an ECB backed solution. If they are going to do so, it needs to happen soon.
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