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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap European stocks extend losses, euro hits 1-year low AFP - Thursday, May 6 Send IM Story Print The European single currency slid to 1.2935 dollars -- the lowest level for over a year -- as markets feared that Greek's severe debt problems could spread to other eurozone nations. LONDON (AFP) - – Global stock markets dropped further and the euro struck a new one-year dollar low on Wednesday as markets feared that Greek's severe debt problems could spread to other eurozone nations. "Even as the IMF and the eurozone have virtually finalised an unprecedented three-year financing package of 110 billion euros for Greece, financial markets remain unimpressed," said Nouriel Roubini of analyst group Roubini Global Economics. "The common currency continued to plunge... and long-term government bond yields in Greece and in the periphery countries, including Italy, spiked upward again after a short relief rally before the agreement." Financial markets have come under heavy pressure after eurozone finance chiefs had over the weekend approved an unprecedented three-year package of loans for debt-ridden Greece. Of the 110 billion euros (145 billion dollars) to be made available to Greece, the eurozone is set to provide 80 billion and the International Monetary Fund 30 billion. And in a policy U-turn, the European Central Bank agreed to accept Greece's junk-rated government bonds as collateral for loans. In return, the Greek Socialist government will have to impose harsh austerity measures, as it seeks to slash its public deficit from nearly 14.0 percent of output last year to less than 3.0 percent by the end of 2014. Greek bond yields, indicating the price the government would have to pay to raise new money on financial markets, rose on Wednesday. The rate on 10-year paper came to 9.351 percent against 9.168 percent on Tuesday. The equivalent yield on Portuguese bonds rose to 5.435 percent from 5.386 percent, and the yield on debt for Spain, now also being dragged strongly into concern about contagion, edged up slightly to 4.117 percent from 4.113 percent. In morning trading on stock markets, London's benchmark FTSE 100 index was down 0.34 percent at 5,392.92 points, on the eve of a general election in Britain. Frankfurt's slid 0.16 percent and the Paris CAC 40 shed 0.28 percent. Athens dropped 0.56 percent and Madrid lost 0.85 percent as both indices pulled back from initial sharp falls. Spain's economy minister acknowledged the country was having a "complicated" time on financial markets. The fall extended losses from Tuesday when Spain's Ibex-35 share index closed down 5.41 percent on the back of rumours denied by the government that the weakened eurozone nation would seek an international bailout like Greece. "We are having a complicated time on financial markets but, in terms of the economic data, we are recovering, we have positive data and we are far better off than a year ago," Economy Minister Elena Salgado told Cadena Ser radio. Salgado said Spain would not be announcing extra austerity measures in response to the loss of confidence among investors but would instead concentrate on implementing the programme it has already approved. "Rather than announcing new measures, what we have to do is enact what we have already announced," Salgado said, adding that "markets (had) a speculative component that has been exacerbated by the situation in Greece." In foreign exchange trade, the European single currency slid to 1.2935 dollars on Wednesday -- the lowest level for more than a year. The euro last reached such a level on April 22, 2009. It recovered slightly later on Wednesday to stand at 1.2985 dollars at about 0950 GMT, which compared with 1.2981 dollars late in New York on Tuesday. 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