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New European Union plans also emerged that could force banks to hold as much as 17pc of core-capital reserves to protect themselves against future financial crises, more than double the level currently planned.
The alarm came just the day after Mariano Rajoy's government secured parliamentary approval of Brussels' budget stability law that binds Spain to achieving a balanced budget by 2020.
Michael Derks, chief strategist at Forex, said bondholders "suspect that, despite his best endeavours, Rajoy will be unable to prevent Spain also falling into the hands of international creditors".
European leaders, however, appealed for calm. Spanish Budget Minister Cristobal Montoro said Madrid was "taking measures every day" to reassure international traders and other countries that the nation is reforming its finances, as the government approved a crackdown on tax fraud.
Klaas Knot, the president of the Dutch central bank and ECB board member, said: "I don't think we're heading towards the edge of a cliff. I think markets have overreacted a bit." Asked if the ECB would re-start its bond buying programme to pull down the bond yields of Spain and Italy, he said: "The instrument has not been used a long time but it still exists. I am glad it hasn't been used. I hope we will never have to use it again."
Economists warned that bond buying would cause deep divisions within the ECB and opposition from Germany outside it. Equally a "third round of LTRO would look desperate and would probably also fail to mollify investors," said Michael Derks.
Next weekend the International Monetary Fund (IMF) is meeting in Washington. Earlier this week Christine Lagarde made a plea for the G20 to approve more funds so the IMF can act as a "global firewall" against the advancing debt crisis