EMU domino fears as Spain downgraded, Germany drags feet on rescue

(THE TELEGRAPH) — German leaders have agreed in principle to a rescue package of up to €135bn for Greece in emergency talks with EU and IMF officials, but failed to offer any clarity on the conditions for such aid.

The Greek debt market came close to disintegration yesterday. Yields on two-year bonds rose briefly to 38pc.

Markets are already looking beyond Greece to Portugal where spreads on 10-year bonds rose to 330 points — higher than the level that first prompted Athens to invoke aid — before falling back on pledges of further austerity.

via EMU domino fears as Spain downgraded, Germany drags feet on rescue – Telegraph.

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