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Spain "Pivotal for Euro area" : Fitch's

Source: Bloomberg - Wed 6th Feb 2013
Spain 'Pivotal for Euro area' : Fitch's

Spain's ability to navigate its way through the crisis is crucial to the future of the euro area as the currency bloc's 4th largest economy has the potential to weaken the whole region, Fitch Ratings said.

"Spain is a pivotal country with the potential to drag the euro zone down again," Fitch Managing DirectorEd Parker said in Oslo today.

Yields on Spanish debt have started to rise again as investors signal they want Europe's governments to do more to stem the crisis. While ECB President Mario Draghi's July pledge to do whatever it takes to protect the euro helped eased the turmoil, concern is now growing that more is needed to address Europe's bleak economic prospects.

The yield on Spain's benchmark 10-year bond eased two basis points today to trade at 5.36% as of 10:05 a.m. in London. That compares with 4.89% on Jan. 11.

Ireland will probably gain access to markets this year, Parker also said.

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