Colosseum a.s. (Colosseum a.s.)
Commodities  |  March 07, 2013 15:18:28

Spain sold bonds worth 5 billion euros despite record deficit

ColosseumThe Spanish government successfully sold bonds in the amount of EUR 5.03 billion and surpassed its goal and five billion euros. Sales consisted of two years of which have been sold to the required rate of return 2.632%, five-year (3.572%) and ten-year (4.917%) bonds. All were placed with a lower interest rate than the last sale, and despite the uncertainty in the eurozone caused Italian elections. In them win the party that refused to austerity measures. Uncertainty analysts paradoxically helped Spanish bonds due to outflow of investors from Italy. Spanish bonds are better off since last July, when the European Central Bank announced that "do whatever it takes to save the euro". Then started a program of direct unlimited bond purchases affected countries in the secondary markets (OMT). In 2012, Spain's total debt rose by 14% to a total of 882.3 billion euros.The ratio of debt to GDP reached 84% of GDP, the highest since 1910, when Spain was recovering from the loss of the colonies and many wars. Back in July 2012 the government claimed that the debt does not exceed the limit by the end of 79.8%. Debt service of Spain reached a record 4.1% of GDP. In the fourth quarter of 2012 the unemployment rate rose to a historic high of 26%. Without the work of the 6 million people. Spain has already received from the euro zone for its failing banks rescue package of € 41.4 billion. If this year will need to be rescued by the Spanish state budget, it is not yet certain.

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