Spanish debt risk soars as regions seek assistance

The cost of insuring against default on Spanish sovereign debt soared to a record on speculation more regional governments will follow Valencia in asking for aid.

23rd July, 2012
Spanish debt risk soars as regions seek assistance
Spanish debt risk soars as regions seek aid

The cost of insuring against default on Spanish sovereign debt soared to a record on speculation more regional governments will follow Valencia in asking for aid.

Credit default swaps on Spain jumped as much as 28.5 basis points to 635 and were at 632 at 09:00 am in London.

Spain created an €18 billion bailout mechanism last week to help cash-strapped regions even as it struggles to access financial markets, with 10-year bond yields surging to 7.57 per cent.

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