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Spain gets pressure to seek aid
11
Oct
Spain gets pressure to seek aid

Investors on Tuesday made pressure on Spain to request international aid and trigger a European Central Bank bond-buying program seen as inevitable to help the country finance its debt, with the benchmark 10-year bond rising to just over 6 percent.

 
Yields at the latest debt sale fell slightly from last month but remained at 2.835 percent on the 12-month bill and at 3.072 percent on the 18-month paper, offering little hope that the country can finance itself at reasonable levels without seeking assistance.The blue-chip Spanish index Ibex lost 1.1 percent, ending a two-week rally that began after the ECB said it was ready to help distressed Euro zone countries.
Spain is at the center of the Euro zone debt crisis, now in its third year, with investors concerned that Madrid is unable to bring down its massive public deficit and control its soaring debt.
The government has already requested a European lifeline of up to 100 billion euros for its banks, but investors are not convinced that the country can meet its financial obligations and return to economic growth without international assistance.
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