Interest rates paid by companies in the eurozone’s weaker economies have surged, highlighting the bloc’s fragmentation as the European Central Bank loses control of borrowing costs.
ECB data yesterday showed Spanish small businesses face their highest bank borrowing costs in almost four years – while interest rates paid by German rivals are at record lows.
The sharply diverging rates provide a gloomy backdrop to this week’s ECB governing council meeting, which will discuss plans for intervening in eurozone government debt markets, as investors price in the chance of a break-up of the 14-year-old monetary union.
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