Spain in race against time to avert bail-out – Telegraph

Markets have dashed any lingering hopes of an investor honeymoon for Spain’s incoming leader Mariano Rajoy, sending the IBEX index in Madrid crashing through the 8,000 level and pushing borrowing costs to toxic levels.

Yields on three-month Spanish notes jumped to 5.11pc at a sale on Tuesday, higher than rates paid by Greece last week.

Mr Rajoy’s team is scrambling to find ways to shorten the paralysing hiatus until mid-December when the new government is finally able to take charge under Spanish law.
http://www.telegraph.co.uk/finance/financialcrisis/8907507/Spain-in-race-against-time-to-avert-bail-out.html

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