Today's Coming Crisis Movie

Monday, July 9, 2012

Eurozone finance chiefs meet again as Spanish bond yields pass critical seven per cent level and single currency hits year low

Eurozone finance chiefs will meet later today in yet another bid to halt the financial crisis as Spanish bond yields moved above the critical seven per cent and the Euro hit a year low.

The leaders will flesh out plans to reinforce the single currency but their talks in Brussels may do little more than highlight the limitations of last month's deal to help indebted states and banks.

Spain's borrowing costs on its benchmark 10-year bond hit seven per cent critical level - the point at which other nations have required bailouts.

The interest rate is considered unaffordable for a country to raise money on the bond markets in the long term. Read More