Germans and the ECB to persist a bit longer with their fantasies about how things might work

Krugman tiene un breve post donde se muestra irónico con que tras el "éxito" electoral griego el nono español haya subido al 7,25%. Lo reproduzco integro.

At any given time, there tends to be one number I check on waking up to see how close we are to the apocalypse. Often it has been the US 10-year — where down is bad, because it shows pessimism about the economy. Right now it’s the Spanish 10-year, where up is bad, because it shows pessimism about the future of the euro.

And guess what: after an election that supposedly was a victory for the forces of orthodoxy, the yield has spiked. 7.25 percent!

The reasons aren’t hard to see: we have a maybe coalition that received a minority of the votes, pursuing a strategy almost guaranteed to fail, with parties ranging from radical to full-on fascist waiting in the wings. But what was the market expecting?

In a way, the worst thing about the Greek election is the possibility that it will encourage the Germans and the ECB to persist a bit longer with their fantasies about how things might work.