Contagion sweeps across Europe's bond markets

11/23/2010 | Wall Street Journal, The · Guardian (London), The

Risk spreads on the sovereign debt of Spain and Portugal have surged to record highs as fears about Ireland's crushing debt sweep across Europe. Portugal announced that its 10-month budget deficit is bigger than last year's, and a short-term debt auction pushed Spain's borrowing costs higher. German Chancellor Angela Merkel said Ireland's debt crisis is "very worrying" for Europe.

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Wall Street Journal, The · Guardian (London), The

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