Portuguese bond yields hit new high

Ten-year Portuguese bond yields have reached a new high of 7.16%, driven by speculation the country will ask the EU for a bailout.

This is the fourth consecutive day yields have risen, the BBC reports. The rise in bond yields came after a German magazine, Der Spiegel, reported France and Germany were putting pressure on Portugal to access European rescue funds, to try and stop the crisis spreading to Spain. Portugal argues it cannot be compared to Greece or Ireland as it has not suffered a property price bubble and has a much smaller deficit to pay deal with. On Wednesday Portugal is hoping to raise €1.25bn (£1.04bn) by auctioning off government debt.