from fxstreet.....
"Look no further than the recent buyer’s strike of German bonds to see that this economic winter has entered a new stage. On Wednesday there were just no takers for nearly 40% of the bonds offered by the most creditworthy country in Europe so the Bundesbank had to step in to fill the gap and monetize their own debt. This bond auction was nothing less than a spectacular failure, the first I can ever recall in a major economy. The implications for this failure are daunting to say the least. Trillions of sovereign debt worldwide is coming due soon and must be rolled over but private investors have just sent us the first glimpse they just may pass. This may be the first chink in the armor of the global debt markets that now cannot take for granted that their future auctions will be fully subscribed unless higher rates are offered".............READ MORE
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