“The pricing is awful,” said Padhraic Garvey, rate strategist with Dutch bank ING, in the article. “The object of the exercise this morning was to get the job done and they’ve done that, but that’s about the only positive thing to say.”

Moody’s cut its credit rating on Hungary to “junk” status, further stoking sovereign debt fears in Europe.

“Unless politicians come out with clear signals and a clear plan on how to deal with these issues and let the ECB intervene accordingly, there will be more and more chaos,” said Christian Tegllund Blaabjerg, chief economist at FIH Erhvervsbank, in a MarketWatch report.

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