Spanish markets rocked by debt again

Spain and Germany sought to reassure investors that Spain would not need a full international bailout, after its borrowing costs hit a record high. German Finance Minister Wolfgang Schaeuble and his Spanish counterpart Luis de Guindos issued a statement. They said Tuesday‘s record 7.6% yield on 10-year Spanish bonds - the governments implied borrowing costs - did not reflect economic fundamentals.

Overall markets this have already been taking hits as lower credit ratings and jobless reports have pushed even more frightened investors out of the eurozone altogether.

Spain itself remains extremely vulnerable, as many of the country’s largest banks have seen continuous toxic assets despite government funded mergers and joblessness especially among young people within the country continues rising during the summer.

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Park Sae-jin swatchsjp@ajunews.com