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Spain under more financial pressure

Author: Associated Press All articles by this author

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Jul. 25, 2012 11:04
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Spain is battling to avoid a full-blown bailout like Greece, Ireland and Portugal, but many investors now think it's inevitable the recession-wracked country will need outside help.
Photo by AP Photo/Emilio Morenatti

MADRID — The financial pressure on Spain shows no signs of abating as investors demanded more to buy the country's bonds.

The yield, or interest rate, on Spain's benchmark ten-year bond has spiked 0.11 percentage point to 7.65 percent in the first hour of trading Wednesday.

Spain is battling to avoid a full-blown bailout like Greece, Ireland and Portugal, but many investors now think it's inevitable the recession-wracked country will need outside help. Spain is also suffering under the weight of a near 25 percent unemployment rate and huge financial problems in its regions.

The government is desperately looking for support from EU partners and Economy Minister Luis de Guindos will travel Wednesday to Paris for talks with his French counterpart, Pierre Moscovici. He met with Germany's Wolfgang Schaeuble on Tuesday.

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