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Spain Borrowing Costs Surge

First auction since bailout sees government paying most in eight years.

By Angeline Benoit and Emma Ross-Thomas, Bloomberg | Updated on June 19, 2012

Spain’s borrowing costs surged at its first auction since becoming the fourth euro member to seek a bailout, with the Treasury paying the most for at least eight years to sell debt for one year.

The Treasury sold 2.4 billion euros ($3 billion) of 12- month bills at an average rate of 5.074 percent, 2.1 percentage points more than the 2.985 percent paid on May 14. It also sold 639.3 million euros of 18-month debt at 5.107 percent, compared with 3.302 percent last month, the Madrid-based Bank of Spain said today.

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