The worst-received German bond sale since the euro’s launch fuelled fears that the continent’s debt crisis was now affecting Berlin, the region’s biggest economy and key to the survival of the single currency.
The bond auction only managed to raise two-thirds of the amount targeted. Investors and banks shunned the offering due to worries that Europe’s monetary union project could collapse because of deteriorating market sentiment and the vast size of the region’s public debt.
The euro, which has held up relatively well despite the bond market turmoil, suffered one of its biggest one-day falls against the dollar this year, while eurozone government debt was sold off across the board.
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