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Brussels blog by some wire service journalists

Eurozone finance ministers fail to stem selloff

 

By GABRIELE STEINHAUSER and DAVID McHUGH

BRUSSELS (AP) — The euro is tumbling after a vague commitment from eurozone’s finance ministers to give the region’s bailout fund more powers has failed to stem concerns that Europe’s debt crisis will soon engulf Spain and Italy.

The yield, or interest rate, on 10-year Italian bonds shot up to 5.9 percent Tuesday morning, more than one percentage point higher than where it was just two weeks ago. The Spanish equivalent jumped to 6.28 percent, up from 6.1 percent at the open.

READ THE FULL STORY HERE.

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