Spanish 10-year yields just hit a record Euro-area high, topping 6.829 per cent.
That represents a 30 basis point jump this morning or a 5 per cent single day surge.
The jump came as ratings agency Fitch said it had cut long-term credit ratings of 18 Spanish banks.
For the second straight day, Spanish borrowing costs are surging.
This is the fastest collapse of bailout optimism ever.
Yields on 10-year bonds have passed 6.7%!
Early yesterday morning they were sub-6%!
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