Yesterday was a day some billed as one that could end much of the uncertainty surrounding Europe and worldwide markets. Instead, it just showed how widespread and complicated the economic issues have become in the eurozone. After what most investors agree was a positive result from the Greek elections with the pro-eurozone New Democracy party posting a narrow victory, The Dow Jones Industrial Average
|Dow Jones Industrial Average||-25.35 [-0.20%]||12,741.82|
Helping dampen the mood was investors' realization that although the New Democracy party had won, its narrow margin of victory meant that it would have to form a coalition with a minority party to gain a pro-bailout majority in Parliament. While that's likely in the next day or so, the election still doesn't solve investors' continuing worries of the country's long-term fiscal stability.
And then there's another little problem; The health of the eurozone's fourth largest economy is looking increasingly dire by the day. Today, Spain's borrowing rates for 10-year bonds rose above 7%, a level that's unsustainable and near the same rate that forced Greece, Ireland, and Portugal to seek a bailout. The high bond rates are stoking concerns that Spain itself will need a bailout after the up to $125 billion bailout for the country's banks.
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