The psychological scars of the Great Recession are still with us. Investors just want a mattress to stuff their cash into. Nowadays, we call mattresses "government bonds". Here's the basic idea: Countries that can print money should always give you your money back. They can't default, unless they want to. And with inflation at eighty-year lows, that's not much of a concern either.
What about Spain, the outlier here? Well, they don't have their own central bank. They have the ECB, which means they can't cushion the blow from their burst housing bubble with a cheaper currency.
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