Scandals in Spain, Italy has euro crisis bubbling again

Political scandals in Spain and Italy are shaking the confidence of voters in their governments just as those governments are trying to implement deep austerity measures designed to put their economies on sustainable financial footings.

The scandals have translated into suddenly higher bond yields in Spain and Italy, reversing a downward trend that began last August, when the European Central Bank agreed to backstop any euro zone country that is in danger of getting shut out of the sovereign debt markets.

Read MorePG View: When things seem to be improving in Europe, leave it to the politicians to much up the works.

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