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American focus: euro fell
The euro fell for a second day versus the dollar after German Finance Minister Wolfgang Schaeuble said Spain must take over guarantees for bailout funding, adding to concern European leaders will struggle to stem their sovereign-debt crisis.
The euro gained versus the dollar today before Schaeuble said Spain would remain liable for as much as 100 billion euros ($123 billion) of aid. German lawmakers approved their government’s participation in the euro-area bailout of Spanish banks after the assurance.
While there was broad support to help Spain, lawmakers demanded reassurances that German taxpayer money will be channeled via the Spanish government and not go directly to banks themselves. They raised concerns that loopholes may enable such a route when the program shifts from the current rescue fund to the permanent European Stability Mechanism.
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