The fact that Spain seems to have lost all access to the capital markets for the foreseeable future, seeming thus, at first glance, to condemn the entire existence of the Eurozone, was headline news on Paul Jorion’s blog yesterday. Firstly, as discussed in the article ironically entitled “The Greeks have made the right choice”, where I drew attention to the fact that the victory of the right-wing party New Democracy in the elections didn’t seem to have any positive or negative effect on the international markets since the coupon for 10 year Spanish debt had shot past the 7% threshold in the morning (and was at 7.158% at the close). Then, I returned to the theme in the afternoon with “The loss of confidence in the Spanish markets – Live”
During all this time, what did the French press think of all this? Nothing it seems. Did they speak about it the following morning? Not really, not, in any event, in anything I had access to. In Les Échos on line ? Uh.. nothing. In the printed version ? Uh…..nothing. Le Monde on line? Uh….nothing. Le Figaro on line? Uh… nothing. La Tribune (now only available on line)? Uh….nothing.
In Belgium, it made the headlines in l’Écho, which manages to save the honour of the French-speaking press. What about the English-speaking press? There, it’s different: they’re talking about nothing else! Front page news for the Financial Times online, first page of the online Wall Street Journal, front page on the site of the Bloomberg agency, etc.
The conclusion to be drawn from all this? (Unless I have looked really, really badly) no one in France is even the slightest bit interested in the future of the Euro.