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Oh, it's happening again: yesterday, bond yields on Spanish debt passed 6 per cent for the first time this year. This morning, Italian one-year bond yields are rising again for the first time since November. The European Central Bank's policy of pumping ever more money into the banking system is stalling. A new bailout approaches. You can tell this because the Spanish Prime Minister, Mariano Rajoy, says it's not. He's speaking this afternoon to try to reassure investors that his government is fiscally sound. “Without a doubt, a good part of Spain’s future is at stake," he told senators yesterday, as he called for more spending cuts.