Spain PM: Difficult to Refinance Debt

Reuters

Spain's Prime Minister Mariano Rajoy reiterated on Friday that it has become increasingly difficult for the state to refinance its debts.

"The biggest problem for our country is that we owe a great deal and we must repay that money and, right now, it's very difficult that anyone would lend to us, or would refinance the debts that we have," he said.

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Spain paid the second highest rate since the launch of the euro in 1999 to auction 10-year bonds on Thursday as investors become increasingly concerned.