MADRID (AP) — Spain’s finance minister insisted again today that the country does not need a full-blown bailout, even as the country’s sky-high borrowing costs remained at dangerous levels.
The interest rate, or yield, on the Spanish benchmark 10- year bond fell 22 basis points to 6.78 percent, below the 7 percent level it has been hovering above since Monday. Such high rates are considered by market watchers to be unsustainable over the long term and eventually forced Greece, Ireland and Portugal to ask for international financial help.
But Finance Minister Cristobal Montoro told Parliament that Spain won’t need the same kind of assistance “because it does not need to be rescued.”
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