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1.Market Observations

21 July 2012 (AFR, Telegraph, NY TImes) – Spain risks market shut-out

(21 July, 2012, AFR, p15, Ambvrose Evans-Pritchard and The Telegraph, New York Times)

Spanish debt crisis returns as Germany nears bailout fatigue

‘Spanish borrowing costs have surged to euro-era highs despite draconian fiscal cuts and backing from the German parliament for the country’s €100bn (£78bn) bank rescue package.’

‘Yields on five-year bonds jumped to a fresh crisis peak of 6.46pc at a closely-watched auction as hopes fade for fresh stimulus from the European Central Bank and direct recapitalisation of Spanish banks by the EU bailout find, the European Stability Mechanism (ESM).’



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