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Euro hits 11-year low against yen amid Spain debt woes
The euro has fallen to an 11-year low against the Japanese yen amid fears that debt problems in Spain are worsening. The euro fell to 94.91 yen in early Asian trade, its lowest level since November 2000. On Friday, Spain's Valencia region requested the central government for financial help from a new rescue fund. That resulted in Madrid's borrowing costs shooting up to levels regarded as unsustainable in the long run. The yield on Spanish 10-year bonds shot up a quarter percentage point to 7.28% and Spain's Ibex stock index tumbled almost 6%, its worst fall in two years. Analysts said the developments in Spain had ... (full story)