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Debt crisis: Markets and euro slide as Spain woes deepen

Stock markets tumbled and Spain’s borrowing costs rose again as the country’s debt crisis deepened, raising concerns over the wider eurozone.


The yield on Spanish government 10-year bonds hit a new euro-era record of 7.5pc on Monday on fears that one of the eurozone’s biggest economies might need a full-blown sovereign bailout.

Investors’ concerns were not allayed by Luis de Guindos, the Spanish Economy Minister, who said Spain did not need a full sovereign rescue package such as the ones taken by Greece, Ireland and Portugal to stay afloat.

“Given the market reaction on the back of the news that more and more regions are looking to tap in to the liquidity fund … it will be very difficult for Spain to circumvent further support for itself,” said Norbert Aul, a rate strategist at RBC Capital Markets.

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