The common currency of the European Union lost value against the U.S. dollar on Thursday as bond yields climbed higher following the debt auctions of two imperiled nations, Spain and Italy, according to Reuters.
Ten-year government bond yields in Spain increased to 7 percent, the level at which Ireland, Greece and Portugal sought bailout out aid against the ravages of the sovereign debt crisis. Italy saw three-year bond yields increase to 5.3 percent.
Spanish Prime Minister Mariano Rajoy, speaking in parliament on Wednesday, said more European fiscal and banking integration is mandatory for the country he his guiding through the debt scourge, according to The Associated Press.
Europe presently is confronting a challenging task that "is the subject of liquidity, debt sustainability, and that battle has to be waged in Europe," the prime minister said while in the lower chamber, according to AP. He proceeded to look directly at opposition leader Alfredo Perez Rubalcaba and said: "You and I agree on that, and I am waging it."
Greece is preparing for Sunday elections, the follow-up to inconclusive elections from early May. The Aegean nation is facing the prospect of losing membership in the euro zone.
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