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LONDON — European leaders are stepping up their attack on what they characterize as greedy and ruthless speculators, accusing them of worsening the continent’s government debt crisis.

But analysts say some of the measures they are taking could backfire by undermining, instead of supporting, the euro.

In the space of a few hours Tuesday, EU governments overrode British objections and U.S. worries to tighten rules for hedge funds, and Germany’s securities regulator unilaterally announced curbs on traders of government debt and bank stocks.

The unexpected decision by Germany to ban so-called naked short-selling of eurozone government bonds, as well as shares in ten key German financial institutions until March 31, sent shockwaves through the markets Wednesday.

Europe’s main stock markets all closed about 3 percent lower Wednesday after the euro sank to a four-year low against the dollar.

"While politicians are still trying to blame speculators for the fall in the euro, it’s the market’s loss in confidence in these politicians’ ability to implement the austerity measures needed domestically that is at the root of its decline in value," said Mark O’Sullivan, director of dealing at foreign exchange firm Currencies Direct.

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