Spain and Italy present a bigger terror for the Eurozone

MPs have been amusing themselves with a rather grim game in which they guess what event will lead to Parliament being recalled in August. Over the last few days, the Euro crisis has become the definite favourite. The yield on Spanish bonds is now over 7.55 per cent – a rate that is unaffordable in anything other than the shortest of terms – the IMF is indicating it will cut off future aid to Greece, and Italy’s regional debts are about to pull back into the eye of the storm.