What’s Important in the Financial World (6/26/2012)

June 26, 2012 at 10:18 pm Leave a comment

24/7 Wall St.

Spain’s borrowing costs continued to be unsustainable a day after Moody’s downgraded 28 banks based there. The yield on three-month paper was 2.362%. It was 3.23% for six-month bonds. The rates were the result of Spain raising 3.08 billion euros today. Although Spain will get a bailout for its banks that may have a price tag as high as 100 billion euros, a rescue of the country itself is now all but assured. Spain’s deficit targets are unlikely to be met as a recession there deepens and there is no sign that unemployment will fall from 25%. The real estate market, at the core of bank write-offs, continues to collapse. The interest Spain pays will continue to rise until a bailout is firmly in place.

News Corporation May Split

News Corp. (NASDAQ: NWSA), controlled by Rupert Murdoch, may be close to dividing itself into two parts. One would hold…

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