Larger IMF War Chest on Spanish Concerns

European officials will travel to Washington this week seeking a larger global war chest to combat the debt crisis as Spain’s government battles to reignite renewed market chaos over its finances.

Almost three weeks after European leaders unveiled emergency euro area funding which exceeded the symbolic $1 trillion mark, concerns about Spain’s economic position have pushed the nation’s borrowing costs to the highest levels this year. Crisis fighting resources will dominate talks at the International Monetary Fund’s spring meeting in Washington from April 20-22.

Spanish and Italian yields continued to rise on Friday. Spanish 10-year yields reached the 6% mark infecting Italy, where 10 year yields jumped to around 5.50%. Spain's credit defaults reached a record high at 498 basis points.

Rightmove PLC said that UK homes rose to a record high in April, as a shortage of property boosted values in London. A report today from Britain’s largest property website indicated that average asking prices in England and Wales increased 2.9 % in April to £243,737. Prices in the capital increased 2.1 percent from the previous month to a record £464,944.

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