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Two more signs of contagion in Europe [ClearOnMoney]
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Two more signs of contagion in Europe

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Commentary

Two more signs of contagion in Europe

17 Nov 2011 by Jim Fickett.

From the Wall Street Journal, Hungary decides to work with the IMF after all:

Hungary said Thursday that it would seek “cooperation” with the International Monetary Fund as a form of insurance amid the turmoil engulfing European debt markets—a sharp about-face forced by rising borrowing costs.

The country—which walked away from talks with the IMF last year saying it wanted to maintain its independence and has since pursued a series of unorthodox economic policies—has struggled to win investor confidence.

And the Financial Times reports that a Spanish debt auction went poorly.

Spain on Thursday paid an average yield of 6.975 per cent to issue €3.6bn of 10-year bonds, nearing the 7 per cent level widely regarded as unsustainable and underlining the extreme strain in eurozone sovereign bond markets.

Last month, Spain issued 10-year bonds at 5.433 per cent.

In Thursday’s auction, the bid-to-cover ratio was an unimpressive 1.5 times and the yield was the highest Spain has paid since 1997.