The value of the shared currency of the European Union sank to its lowest in more than 24 months against the world's reserve currency on Monday, Bloomberg reports.
Preoccupations grew about leaders' inabilities to garner control over the sovereign debt crisis as bond yields in Spain pushed to 7.5 percent. Just this past Friday finance ministers agreed to aid debt-riddled Spanish banks.
"There's just more risk out there in the euro zone, and investors are getting more worried about how things could go," foreign-exchange strategist Charles St-Arnaud with Nomura Holdings in New York told the news source. "Concern is building that Spain will probably need a formal bailout."
Six regions of Spain are likely to request aid from the central government, according to Spanish newspaper El Pais. That also helped drive up yields on 10-year bonds. The value of the euro scraped its lowest value against the U.S. dollar since June 2010.
Reuters reports the 100-billion-euro pact from this past Friday is prompting austerity measures though the nation's contracting economy is creating significant turmoil for leaders while raising investors' eyebrows.
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