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Germany Resists Further Action

Germany sees no bazooka in debt crisis as Spain yields surge.

By Brian Parkin , Angeline Benoit | Updated on November 22, 2011

Germany rejected calls from allies and investors to do more to counter market turmoil as Spain’s financing costs surged and pressure mounted on Greek political leaders to submit written commitments to austerity measures.

Bond yields in France, Spain and Italy climbed as the absence of progress toward enacting a month-old comprehensive crisis-fighting package and a dispute over the central bank’s role rattled investors. Spanish three-month bills were auctioned today at higher yields than Greece and Portugal.

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