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Euro-Zone Debt Crisis Escalates
Posted By admin On November 26, 2010 @ 9:08 am In Money Watch | Comments Disabled
AINSLEY THOMSON, QUENTIN FOTTRELL And DAVID ROMAN
Friday, November 26, 2010
BERLIN—The euro zone’s sovereign debt crisis escalated Friday as the market homed in on Spain as another potential weak spot, leaving officials scrambling to quell investors’ fears.
Spanish Prime Minister Jose Luis Rodriguez Zapatero moved to dispel the growing anxiety surrounding the country’s fiscal position Friday, saying there was “absolutely” no chance the euro zone’s fourth-largest economy would seek a bailout from the European Union. But his attempt to calm the markets had little effect, with the euro tumbling and the selloff in Spanish and Portuguese sovereign bonds continuing.
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“If we continue to see the recent trend in Spanish bond yields then the crisis is going to be taken to a completely new level, as Spain accounts for approximately 11.7% of euro-zone [gross domestic product] which is pretty much double the figure of Ireland, Portugal and Greece [combined],” said Gary Jenkins, head of fixed-income research at Evolution Securities.
Sparking Friday’s markets turmoil was a report in Friday’s Financial Times Deutschland, which quoted unnamed German finance ministry officials as saying an aid package for Portugal would reduce the chances that Spain would also need a bailout.
Full story here. 
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 Spain, Portugal and Belgium set to follow Ireland into abyss as debt crisis threatens to destroy the euro: http://www.prisonplanet.com/spain-portugal-and-belgium-set-to-follow-ireland-into-abyss-as-debt-crisis-threatens-to-destroy-the-euro.html
 The Euro Zone and the Crisis of Sovereign Debt: http://www.prisonplanet.com/the-euro-zone-and-the-crisis-of-sovereign-debt.html
 The Greek Debt Crisis Escalates: Is Greece Threatening To Leave The Euro?: http://www.prisonplanet.com/the-greek-debt-crisis-escalates-is-greece-threatening-to-leave-the-euro.html
 The European Debt Crisis: Will the “Weaker” Member States Leave the Euro Zone?: http://www.prisonplanet.com/the-european-debt-crisis-will-the-weaker-member-states-leave-the-euro-zone.html
 Geithner urges unity in euro zone crisis: http://www.prisonplanet.com/geithner-urges-unity-in-euro-zone-crisis.html
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