Spanish Debt Auction Reflects Brittle Position |
| New York Times - Jul 24, 2012 |
Even as Germany tried Tuesday to brush off a warning that the cost of supporting its euro zone partners could damage its stellar credit rating, market pressure was making it more likely that Spain could be the next euro member to need a helping hand.
European Debt CrisisGermany, along with the Netherlands and Luxembourg, found themselves needing to defend their economic fundamentals after Moody’s Investors Service late Monday issued a negative outlook for those countries’ AAA credit ratings because of the risk of more euro zone bailouts. And while the three countries reaffirmed their commitment to their weaker neighbors, there were signs of rising concern.
The Spanish economy minister, Luis de Guindos, met late Tuesday in Berlin with the German finance minister, Wolfgang Schäuble. Spain’s borrowing costs remained dangerously high in market trading, and at an auction of shorter-term debt Madrid had to pay significantly higher rates than a month earlier.
Read Full Article from New York Times
- Posted: 2012-07-24 23:22:21
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