2011年4月24日星期日

Spain pay yields higher in issuing bonds of 3.4 billion euro (AFP)

MADRID (AFP) - Spain paid higher to raise yields of 3.372 billion euros ($4.9 billion) in the auction of binding Government Wednesday in a climate of concern to the debts of the euro area.

Spain took in fears renewed over sovereign debt levels, powered by the Portugal seeking a bailout from April 6 and then by Standard & Poor Monday warning it may downgrade U.S. debt.

Higher yields are expensive for the Spain, including Central and regional Governments and banks need to increase by approximately 290 billion euros of gross debt, including transfers in 2011, according to Moody.

In the last issue, the Treasury raised 2.487 billion euros in bonds of 10 years at an average yield of 5.472%, up to the last sale similar auction on March 17, when the yield is 5.162%.

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Spain faces hurdles important refinancing in April, July and October. He has more drive 21.79 billion euros of sovereign bonds and bills in April, EUR 20.2 billion in July and 23,40 billion euros in October.

Monday, the Treasury was obliged to pay much higher rates that a month earlier, when he raised 4.66 billion euros ($6.6 billion) in sales at the auction of invoices of 12 and 18 months.

But in the context of the Spain global debt issuance, "a peak of several additional points when a question is not too important," Finance Minister Elena Salgado said Tuesday.

Spain, whose economy is the size of the Greece, the Ireland and the combined Portugal, has been fighting to convince the markets that he should not grouped with its less fortunate partners.

The Spanish authorities have adopted reforms to strengthen the balance sheets of banks, to reduce the expenses of the State, to make it easier to hire and fire, to lower the retirement age and sell property.

Prime Minister José Luis Rodriguez Zapatero has promised to bring the annual public deficit below a ceiling had 3.0% of the gross domestic product in 2013.

The public deficit affected 11.1 per cent of GDP in 2009, the third highest in the eurozone after the Greece and the Ireland, before falling to 9.24 per cent last year.

The economy is struggling with an unemployment rate that hit 20.33% at the end of 2010, the highest in the industrialized world.

Salgado, said that the performance on the Spanish public debt began to rise Thursday on concerns about the possibility of a restructuring of the Greek debt. Strong gains in elections in the Finland by the Finnish real straight weekend opposed to bail out EU added to doubts, she added.


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