Spain’s central government has threatened to seize budgetary control of wayward regions as early as May if they flout strict deficit limits, senior officials said yesterday as investors took renewed fright at the fragility of some eurozone economies.
Concerns about overspending by Spain’s 17 autonomous regions and fears that its banks will need to be recapitalised with emergency European Union funds have undermined confidence in the country’s sovereign bonds, forcing down prices and pushing yields up above 6 per cent – towards levels considered unsustainable.
The cost of insuring the country’s debt also rising sharply yesterday, with Spanish credit default swaps jumping to a record 510 basis points, according to Markit, the data provider.
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