Financial markets were relatively quiet as the US and many European countries were on holiday. European share opened higher as the latest polls showed that the pro-bailout party, New Democracy, in Greece was taking the lead. Gains were, however, later erased amid news that the Spanish government proposed recapitalization of Bankia. Spain’s 10-year bond yield soared +16 bps to 6.424%, the highest in months while the spread of Spain’s 10-year bond yield to German Bunds widened a record of +506 bps.
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European gains erased as Spain Plans to Recapitalize Bankia
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