European Rally Belies Slog Ahead With Debt at Record
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The rally in European bond and stocks markets masks the slog that looms as the euro area confronts record unemployment and debt.
Spain, whose banks were bailed out in 2012, sold 2.66 billions euros ($3.62 billion) of three-year debt at the lowest yield on record today. The Euro Stoxx 50 Index has gained 19 percent in the past six months to its highest since the collapse of Lehman Brothers Holdings Inc. in September 2008.