Spanish bond rates switch to record above 7.0%

The rate which Spain must pay to borrow for 10 years switched direction and rose to a record above 7.0 percent in morning trading on Monday after dipping in response to the Greek election. The sudden rise was a signal that immediate dangers of debt contagion within the eurozone remain despite the Greek vote in favour of rescue terms. The Spanish yield rose to 7.061 percent from 6.838 percent late on Friday.