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Spain remains on focus: 10Y bonds at record high and Fitch downgrades 18 banks
It seems the Spanish "financial aid" has been futile to calm market as well as the Eurogroup €100 billion bailout for Spain as the market just gift a couple of hours of relief on Monday. On Tuesday, the yield on Spanish 10-year bond spiked to 6.80%, the highest level in the euro era, despite the fact that markets continue extending gains. This way the country's yields moved even closer to the psychologically significant 7% level at which Greece and Portugal had to seek international bailouts.