Belfast Telegraph

Spain is hit by a rise in borrowing

Borrowing costs for Spain rose in a bond auction in the first sale since Standard -amp; Poor's slashed its credit rating.

The government raised over €2.5bn (£2bn) in bonds, more than the target, but the interest rate was over 4%. S-amp;P cut Spain's debt rating by two notches last month warning the budget situation had worsened.

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