Fears over Spain’s financial crisis flare up
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Spain’s financial crisis deepens as the country’s 10-year bond yield soars to a euro-era high, and as the Bank of Spain announced that the economy shrank by 0.4 percent in the second quarter of 2012. Investors are worried that Spain will be forced to seek a bailout.
July 23, 2012 Visitors talk beneath electronic display boards showing stock price information inside the Madrid Stock Exchange. Spanish bonds slumped, with 10-year yields climbing to a euro-era high, after a Spanish newspaper said six regions may ask the central government for financial assistance, increasing concern that the nation will need additional aid. Angel Navarrete/Bloomberg News
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Spanish borrowing costs soared for the third-straight trading day on Monday, driving European and U.S. markets downward.
With borrowing costs for Spain and Italy soaring and concerns about the Chinese economy growing, stock prices dropped sharply Monday morning but had pared losses by midafternoon.