first_img More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest MARKETS rejected the €85bn (£71.6bn) bailout of Ireland yesterday, as traders turned their attention to those countries they think could be next: Portugal, Spain and Italy. EU finance ministers had hoped the deal would inspire confidence, but the FTSE closed down two per cent to its lowest level in two months, while the US’ Dow Jones slipped 0.3 per cent to 11,052.49. The Ibex index of Spain’s 35 leading stocks also lost significant ground in Madrid, closing down 2.3 per cent. And the price of insuring Portuguese debt climbed ever higher, with five-year credit default swaps (CDS) closing 45 basis points higher at 545, and Spain’s rising 43 basis points to 350. The bond market gave a muted response to the Ireland rescue, with Portuguese yields falling only marginally to just below seven per cent. Spanish yields continued to creep up, hitting 5.5 per cent – more than double that of Germany. Italy also strayed closer to the danger zone as its bond yields hit 18-month highs of 4.54 per cent following a disappointing auction of government debt.Portugal has strongly resisted the suggestion it may require a bailout but its high debt and slow growth have left it in a precarious position.It yesterday said a tough austerity Budget, backed by EU finance ministers, would be enough to pull it through. But analysts are increasingly sceptical about its ability to meet ambitious growth targets.UniCredit Research said that despite the Ireland deal, the Eurozone may come under “continued pressure to provide a package for Portugal at least”.And Professor of economics at New York University Nouriel Roubini added to Portugal’s plight by saying it should apply for a bailout now before its situation deteriorates even further.“A bailout happened in Greece. It happened in Ireland, and it’s going to happen in Portugal,” said Roubini, who is known as “Dr Doom” for predicting the credit crisis before 2007. He added: “The question is whether it could happen in Spain. The eventual fiscal cost of cleaning up its financial system will be much larger than has so far been estimated by the government.” However, he believes Spain could prove “too big to bail out”.Chancellor George Osborne will hope Portugal and Spain can, in the short term at least, resist a bailout. As part of the Ireland rescue package he won a concession that the UK will not contribute to a new bailout fund, set to replace the European Financial Stability Mechanism (EFSM), in 2013. However, if Portugal or Spain stumbles before then, the UK will be forced to contribute to another rescue package. 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