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Spanish Yield Surges Past 7%

Greek vote fails to convince investors that politicians can contain European debt crisis.

By Lucy Meakin and Emma Charlton, Bloomberg | Updated on June 18, 2012

Spanish 10-year bonds slid, pushing yields to more than 7 percent, after yesterday’s Greek election failed to assure investors that politicians will be able to tame Europe’s debt crisis.

Italian securities also fell and German bunds erased a decline. Spain’s yield climbed to a euro-era record as a report today showed the nation’s bad loans increased in April. The bonds tumbled last week after Europe’s fourth largest economy requested as much as 100 billion euros ($126 billion) of aid on June 9 to support its banks. Greek bonds rose after pro-bailout parties won enough seats to control parliament.

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