NEW YORK (CNNMoney) -- Spain's Treasury minister appealed to European leaders for financial support Tuesday, saying the country's credit markets are seizing up.
The yield on Spain's 10-year bond has been flirting dangerously close to the 7% mark that smacks of default anxiety. Over the past week, the 10-year yield has been at its highest level since November.
"The risk premium says Spain doesn't have the market door open," said Montoro. "The risk premium says that as a state we have a problem in accessing markets, when we need to refinance our debt."
Economists estimate that the Spanish government has about €800 billion in outstanding debt.
http://money.cnn.com/2012/06/05/investing/spain-credit-banks/
The yield on Spain's 10-year bond has been flirting dangerously close to the 7% mark that smacks of default anxiety. Over the past week, the 10-year yield has been at its highest level since November.
"The risk premium says Spain doesn't have the market door open," said Montoro. "The risk premium says that as a state we have a problem in accessing markets, when we need to refinance our debt."
Economists estimate that the Spanish government has about €800 billion in outstanding debt.
http://money.cnn.com/2012/06/05/investing/spain-credit-banks/
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