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Spain raises 10 bln euros in first 2012 auction

01-13-2012 08:14 BJT

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Spain has brightened spirits in euro zone markets with a successful bond auction, selling more than double its target and cutting borrowing costs in 2012’s first auction.

The Treasury raised 10 billion Euros, about 12.7 billion US dollars, from the auction of three bonds. They aimed to sell for five billion, and drop yields by about 1 percentage point.

An analyst at X-Trade Brokers says that, the austerity measures announced in December by Mariano Rajoy’s new government, had given the Spanish economy a confidence boost. European shares extended gains in response and the euro currency rose to a session high.

But Spain still faces huge challenges this year to meet tough deficit targets after the government missed its 2011 cost-cutting goal and the economy continues sinking into recession.

 

Editor:Zhang Rui |Source: CNTV.CN

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