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Spain borrowing costs ease amid crisis aid hope

The Associated Press - Jun 6, 2012

Spain's borrowing costs edged lower Wednesday on hopes that the European Union may be moving closer toward adopting creative measures that could alleviate the country's financial crisis and spare it the embarrassment and political damage that would come from being forced to ask for a bailout of its banking sector.

The interest rate or yield that Spain must pay in the secondary market on its 10-year bonds closed at 6.25 percent, five basis points below the rate a day earlier, according to financial data provider FactSet. The spread, or difference, with the equivalent safe-haven German yield fell below 5 percentage points for the first time in more than a week.

The drop in yields comes a day after the most explicit suggestion from the Spanish government that it is seeking help from Europe for its struggling banks , and a warning from the finance minister that the country risks losing access to credit from international financial markets.

Finance Minister Cristobal Montoro warned Tuesday that the high-risk premium of recent weeks indicated "the door to the markets is not open for Spain."

Read Full Article from The Associated Press

- Posted: 2012-06-06 14:27:44

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