Business

Associated Press
Government employees protest against cuts in Barcelona, Spain, Monday, July 30, 2012. Spain's borrowing rates hit a record high on Monday, increasing the risk it might need a sovereign bailout, as investors worried the government would be overwhelmed by the debts of its banks and regions. Spain has called for the European Central Bank to take emergency action to ease its government borrowing rates. In the past, the ECB has bought bonds on the open market, lowering their yields, or interest rates. The Spanish government has pushed through another round of austerity and structural reforms to convince investors of its creditworthiness. However, opposition to the government's strategy is increasing, especially as the country is mired in its second recession in three years and weighed down by an unemployment rate of nearly 25 percent. (AP Photo/Manu Fernandez)

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