Spain successfully auctions T-bills

As the market awaits clarity over a second Greek bailout, another troubled euro zone country, Spain has successfully sold 2.99 billion euros worth of government bonds.

Madrid did have to pay slightly higher interest rates to encourage investors to buy the bonds which are to be paid back in three and six months time.

The treasury bills attracted solid volumes of bids from investors.

The Spanish auction was being closely watched for signs of contagion from Greek uncertainty.

Markets have long been jittery over whether Spain could follow Greece, Portugal and Ireland into the euro zone debt crisis.

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