Gianluca Salford News
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Slovenia’s government must detail its plan to salvage the economy and stabilize banks to avoid having to ask for an international bailout, Banka Slovenije Governor Marko Kranjec said.
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Spain’s efforts to cut the euro region’s third-biggest deficit may not avert record borrowing costs, as investors speculating on a bailout for Ireland or Portugal trash the bonds of Europe’s peripheral countries.
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Spain’s plan to offer cash-strapped regional administrations emergency loans leaves the Treasury with 12 billion euros ($15 billion) of additional funding needs that the government says won’t affect its borrowing plans.
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Spain’s top credit rating was cut one level by Moody’s Investors Service, which cited a “weak” economic outlook and doubts that the nation will reach deficit- reduction targets.
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Spain sold 2.5 billion euros ($3.4 billion) of Treasury bills, below the maximum target for the auction, as contagion from Ireland’s bailout prompted a surge in the country’s borrowing costs.
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Spain paid more than Greece and Portugal to sell three-month bills as the newly elected People’s Party called for a European agreement to “save” the nation’s debt, saying the country can’t afford 7 percent interest rates.
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Spain sold 3.9 billion euros ($4.7 billion) of a new 2013 note, with demand increasing as yields driven higher by the region’s debt crisis lured buyers.
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German two-year government note yields declined from near their highest in almost three months as stocks fell and Hungary failed to meet its target at a debt sale, stoking demand for the safest fixed-income assets.
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Investors bought all 3 billion euros ($3.8 billion) of 15-year bonds offered by Spain, with demand strong enough to ease concern the nation would struggle to cover debt payments after Greece’s bailout.
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Spain is cutting its deficit faster than Ireland, Portugal or Greece, seeking to reassure investors that the nation deserves cheaper borrowing costs than its peers.
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