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Europe's Debt Crisis Deepens

Bond yields in Greece, other troubled countries hit record highs.

By Marcus Bensasson and James G. Neuger | Updated on May 24, 2011

Europe’s debt crisis deepened as Greece struggled to complete a fifth austerity plan to keep pace with its mounting deficit, Italy faced a possible credit-rating cut and Spain’s ruling party was routed in local voting.

The cost to insure Greek debt against default rose to a record and the yield on its 10-year bonds increased to a euro- era high as Prime Minister George Papandreou’s government met today in Athens to endorse a new package of spending cuts and state-asset sales needed to assure the flow of bailout funds.

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