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Spread Between Spain and Germany Sounds Alarm Bells
So much for investors tuning out European headlines. Spain is in focus yet again on Friday, with the country’s stock market slumping and borrowing costs rising. The Spanish government slashed its 2013 GDP forecast and estimated the country will remain in recession next year. Adding to investor jitters was the fact that Valencia became the first Spanish region to apply for financial aid from the central government’s bailout fund in order to pay debt maturities. Euro-area finance ministers also signed off on the bailout for Spain’s banks, although they stressed Spain needs to radically restructure ... (full story)
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