Let's not all just freak out just yet. Let's do our homework:
As of this writing the PIIGS are borrowing ta the following rates (Economist 3/20 -3/26):
- Portugal: ??
- Ireland: ??
- Italy: 3m @ 64bp and 10y @ 390bp
- Greece: 3m @64bp and 10y @594bp
- Spain: 3m @ 66bp and 10y @ 384bp
- Portugal: 6.5 years
- Ireland: 6.8 years
- Italy: 7.2 years
- Greece: 7.7 years
- Spain: 6.7 years