Bank’s Bankruptcy in Spain Renewed Concerns for Euro

The euro was weakened today by the renewed concerns about the ability of the European Union’s nations to resolve the region’s debt crisis after the Spain had to step up to support the regional lender.

The savings bank CajaSur was heavily harmed by the property-loan defaults, causing the Bank of Spain to take it over. This led to doubts about the overall resilience of the European banking system and new concerns about the euro’s future.

EUR/USD traded near 1.2385 as of 10:04 GMT today after opening at 1.2546.

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