Spanish bond yields hit euro-era high

Yields on 30-year and 5-year bonds in Spain hit a euro-era record on Friday as the Valencia region of Spain filed for financial assistance. Bloomberg reports Spain Bonds Slide as Valencia Aid Request Deepens Crisis

In July 2012, amid a backdrop of serious uncertainty over the future of the euro, ECB President Mario Draghi told the world that the central bank would "do whatever it takes" to save the currency.

LONDON (Reuters) - Spanish government bond yields rose above 7 percent on Thursday after Moody's cut the Spain's credit rating to just one notch above "junk", pushing borrowing costs ever higher and raising the prospect of a full-scale bailout. Moody's slashed Spain three notches to Baa3, its lowest investment grade rating, and said it could lower the rating further within the next three months. It said the newly approved euro zone plan to help Spanish banks would increase the country's debt burden. Yields on Spain's 10-year bonds rose as much as 25 basis points to a euro-era high of 7. ...

Spanish 10-year government bond yields hit 7 percent on Thursday, marking the first time in euro-era history the yield has hit the level seen by markets as too expensive for a sovereign to borrow over the long term.

The selloff on Spanish and Italian bonds continued today with yields in Spain hitting euro-era record highs. On the deficit side of matters, I do not believe Spain will meet its budget-deficit targets, and neither does Fitch. Fitch Managing Director Ed Parker said Spanish Prime Minister Mariano Rajoy will miss budget-deficit targets this year “by a substantial margin.” according to a Bloomberg report.

Spain's borrowing costs hit a euro-era high on Tuesday amid sagging investor confidence that Europe can prevent its debt crisis from worsening and wrangling among policy makers over how to implement cross-border banking supervision.

Italian and Spanish 10-year bond yields hit fresh euro-era highs, safe-haven German bunds and U.K.