ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

Euro Crisis : Currency Hits New Low

Share On Facebook
share on Linkedin
Print

The value of the euro slumped to a new low today, as investors continued to worry about Spain’s troubled economy – despite news a bail-out plan for Spanish banks had been finalised.

It is thought there is still a great chance Spain will need a complete sovereign bail-out. Many of its regions are becoming bankrupt and turning to Madrid, where the pressure continues to mount.

The yield on Spanish government 10-year bonds hit a new euro-era record of 7.5pc this morning on fears that one of the eurozone’s biggest economies was about to go down the drain.

Spain has to raise 26bn euros in long-term debt to keep it afloat until the end of the year. The nation, has, however, effectively been shut out of markets. Due to the dire problems in many of its regions, the required repayment figure could end up being much higher.

With unemployment at 25 per cent and a public increasingly opposed to austerity measures, the agreement reached Friday afternoon to rescue Spanish banks was not enough to have a positive result on markets.

Instead, shares slumped. For as the International Monetary Fund (IMF) noted last week, “the viability of the monetary union is at stake”.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com