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Spain passes market test, Merkel douses summit hopes | Reuters

(Reuters) – Spain showed on Thursday that it can still access the credit markets at an affordable but rising cost against a backdrop of feverish behind-the-scenes planning for a likely European rescue of its debt-stricken banks.

Madrid sold 2.1 billion euros ($2.6 billion) of government bonds in a well-bid auction, paying just over 6 percent to sell 10-year debt, up from 5.74 percent last month. That laid to rest, at least for now, fears raised by Treasury Minister Cristobal Montoro on Tuesday that Spain was being shut out of the market.

via Spain passes market test, Merkel douses summit hopes | Reuters.

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