, Columnist
Spain's Return from the Periphery
And recent domestic political turmoil isn't going to stop that.
This article is for subscribers only.
If you want a sense of how the investors' attitude toward European political risk has shifted in a few weeks, look at Spain.
There, the surprise re-election of previously ousted socialist leader Pedro Sanchez threatens to roil Prime Minister Mariano Rajoy's minority government. But Spanish government bonds have widened only modestly on the news relative to their German and Italian counterparts. We've come a long way since the turbulence preceding France's presidential election.