Germany rejected calls from allies and investors to do more to counter market turmoil as Spain's financing costs surged and pressure mounted on Greek political leaders to submit written commitments to austerity measures.

Bond yields in France, Spain and Italy climbed as the absence of progress toward enacting a month-old comprehensive crisis-fighting package and a dispute over the central bank's role rattled investors. Spanish three-month bills were auctioned today at higher yields than Greece and Portugal.

“We don't have any new bazooka to pull out of the bag,” Michael Meister, finance spokesman for Chancellor Angela Merkel's Christian Democratic bloc, said in Berlin today. “We see no alternative to the policy we are following,” which sees debt cuts and keeping the European Central Bank from becoming a lender of last resort, he said in an interview.