Euro drop, rate rises spread eurozone drama to Spain, Italy
MSN news
The euro plunged and eurozone debt pressure rose again on Tuesday amid warnings that pricing eurozone debt is now so risky that funds may desert countries exposed after Ireland, such as Portugal and Spain.
The euro dropped under 1.30 dollars on Tuesday for the first time since mid-September to 1.2999 dollars — the lowest point since September 16.
The upward pressure on 10-year borrowing rates for countries seen as at risk of needing a rescue, after Greece and Ireland, rose, with particular attention focused on Spain because the size of its economy puts it in a far bigger problem category
The borrowing rate for Spain rose to 5.667 percent from 5.46 percent late on Monday and for Portugal to 7.072 percent from 7.0 percent.
Read more at: http://news.ph.msn.com/business/article.aspx?cp-documentid=4492987
And don’t forget to check out how gold reacted. The bull continues.