The selloff in European debt continues. Were it not for the ECB loading up its balance sheet with the garbage, no telling how high yields would be.

Nonetheless, Spanish Five-Year Government Note Yield Increases to Euro-Era Record 5.82%

Spanish five-year notes fell for a third straight day, driving the yield 11 basis points higher to 5.82 percent at 7:35 a.m. London time. That’s the highest since before the euro was created in 1999.

Italian five-year notes also fell for a third day, pushing the yield up nine basis points to 7.12 percent.

Expect the ECB to intervene any time now, probably as I am typing at 2:30 AM Central. However, don’t expect ECB intervention to do any long-term good, because it won’t.

Mike “Mish” Shedlock
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