ML-Implode News - Spanish Bond Yields Soar, While Global Stocks Sink

Spain's borrowing costs rose to record levels for a third consecutive trading day on Monday on concerns that a deepening recession and the financing problems of its regions would force the government to seek a full-fledged bailout.
The yield, or interest rate, on 10-year Spanish government bonds was at 7.5 percent in morning trading on Monday, having breached 7 percent on Thursday -- a level that many analysts fear could eventually shut Spain out of public markets and force it to seek a Greek-style bailout.
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Stocks in Europe followed Asian markets sharply lower Monday, and the euro hit a new two-year low against the dollar. Wall Street seemed likely to open sharply lower, too, with Dow Jones industrial average futures and the broader Standard & Poor's 500 futures down 1 percent.

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Spanish Bond Yields Soar, While Global Stocks Sink