Is Spain the next Italy?

Is Spain the next Italy?

The short answer is no. But the two countries are begging for comparison, since they're among the largest economies in the eurozone. And they share the less-than-stellar distinction of seeing their bond yields soaringto sickening heights.

Spain's 10-year bond yield was trading at 6.37% on Friday. That's better than the 6.9% high it recently hit but it is still uncomfortably close to 7%. That was the benchmark crossed by Ireland, Greece and Portugal before they got bailed out by their eurozone neighbors.

Italy's bond yields crossed into the danger zone last week, when yields on Italian 10-year bonds traded as high as 7.48%. That marked the first foray above 7% since the euro was launched in 1999. And it sent waves of fear across world markets, with U.S. stocks sinking more than 3%. Read more at CNN Money