Spanish and Portuguese banks dropped heavily in late trade yesterday, cutting short a three-day rally of European shares, as investors worried about the economic health of the eurozone's peripheral countries.
The cost of insuring debt against default for Portugal, Greece and Spain rose after Portugal's debt agency IGCP cut its planned treasury bill placement to €300m from €500m.
More generally, Greek, Spanish and Portuguese stocks were among the biggest losers on the FTSE Eurofirst 300 index which lost 0.6 per cent to 1020.99.For the complete report: FT.com / Financials - Banks in Spain and Portugal feel the heat
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