Euro hits new two-year low amid Spain fears
By The Week Staff | July 23, 2012
The euro symbol is reflected in a puddle in front of the European Central Bank in Frankfurt, Germany: Eurozone leaders meet in Brussels Thursday to decide the monetary system's fate.
Uwe Zucchi/dpa/Corbis
T
he euro hit a new two-year low Monday, and markets are down amid mounting fears of a Spanish bailout. The yield on Spain's benchmark 10-year bond has risen to 7.45 percent, leaving investors fearing that Spain will follow in the footsteps of Greece, Ireland, and Portugal and require a major national bailout. Spain's troubled banks have already been granted a $100-billion bailout.
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