Investors' impatience with the lack of progress on a permanent solution to the Euroland debt crisis (if that's what it still is) has begun to take its toll. From its position at the beginning of October the euro has fallen by more than two US cents. The euro has actually strengthened by a quarter of a cent against the pound over the same period but that bald statistic hides a fall of more than three cents for sterling during the first three weeks of October and a three-cent rally since then.
The position of Spain has not really moved on. The general belief that it should apply for a bailout, triggering the European Central Bank support programme...
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