Irish Rescue Fails to Stem Turmoil; Spain Bonds Drop
This article is for subscribers only.
European governments’ 85 billion- euro ($113 billion) bailout package for Ireland failed to quell the market turmoil menacing the euro as stocks, bonds and the currency declined.
Irish 10-year bonds slid after an early advance, Spanish bonds fell by the most since the euro’s launch and European shares sank 1.4 percent. The euro weakened against 15 of its 16 major counterparts and the cost of insuring the debt of Spain and Portugal against default soared to records.