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Spain’s borrowing costs up on debt crisis worries

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by Kay Mitchell

Spain’s borrowing costs rose to a 9-year high today as fears continue to grow over the debt crisis in the euro zone.

There are fears that Spain, which is the euro zone’s fifth largest economy, could be forced to seek a bailout, like Greece, Ireland and Portugal.

In a bond sale today, the yield for 18-month bonds was 3.912% - which, according to Reuters, is the highest yield on such bonds since 2002.

Meanwhile, Spain sold €3.7 billion (£3.25 billion) of 12-month bonds at a yield of 3.7%, up from 2.6% at a previous auction in June.

Borrowing costs rose in Greece and Ireland – just before they were forced to seek emergency aid.

A summit will take place later this week in Brussels where euro zone leaders will, again, try to prevent the debt crisis from spreading.

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News posted: July 19, 2011

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