The euro reversed gains on waning optimism that the victory of a pro-bailout party in Greek elections over the weekend would ease Europe’s debt crisis.

The euro weakened as Spanish 10-year bond yields rose above 7%, adding to concern the region’s economic turmoil was spreading to the currency bloc’s largest economies.

Spanish 10-year yields rose as much as 27 basis points to 7.14%. Greece, Ireland and Portugal sought bailouts when their benchmark borrowing costs topped 7%.

Leaders from the Group of 20 richest nations gathered in Mexico to discuss measures to bolster the global economy.

G-20 leaders, meeting in Los Cabos, Mexico, are due to discuss a mix of measures to secure the global recovery that will include deficit reduction for some countries and pledges for additional stimulus by others with sounder finances, a Canadian official said.