Protests And Riots Breakout In Spain And Greece Over Austerity Measures



European Markets Jolted Amid Protests in Greece and Spain -- New York Times

ATHENS — After a period of relative calm, European markets shuddered once again on Wednesday as protests erupted across Greece and demonstrators surrounded the Spanish Parliament for a second day to protest the austerity program of Prime Minister Mariano Rajoy.

Earlier this month, the European Central Bank announced its intention to buy unlimited quantities of debt from European nations, including the troubled economies of southern Europe. That kept the peace in the financial markets until Wednesday, when political instability spooked investors, with the Spanish stock market dropping 3.9 percent and even the German DAX falling by 2 percent. The interest rate on the 10-year Spanish bond, which had been declining, inched closer to the ominous 6 percent level.

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