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Fears that Spain could be joining Portugal, Greece, and Ireland in need of a major European bailout rose today.

And there were also concerns about the state of Italian finances too.

The yield on Spanish 10-year bonds, which are taken as a strong indicator of the interest rate the government would have to pay to borrow money, rose above 7%.

Italian bond yields have also risen to 6.1%.

Yields above 7% are considered to be unsustainable in the long-term.

Details of the bailout of Spain’s banks are expected from eurozone ministers.

Eurozone finance ministers are meeting today, while those from the 27-nation EU will meet on Tuesday.