WKYT | Lexington, Kentucky | News

European debt fears intensify, hit markets

LONDON (AP) - Worries that Europe's financially fragile countries such as Ireland and Portugal will not be able to handle their debt loads are plaguing markets, hurting bank stocks and hiking borrowing costs.

The price investors demand to hold Irish government debt shot up to new euro-era highs on Thursday, with the yield on a 10-year bond almost reaching 9 percent.

Analysts warned the debt market for Ireland has effectively dried up, with the situation resembling Greece's before it was bailed out in May.

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