Thursday 8 December 2016

Ambrose Evans-Pritchard: Spain faces race against time to escape bailout

Ambrose Evans-Pritchard

Published 23/11/2011 | 05:00

Mariano Rajoy: honeymoon is over
Mariano Rajoy: honeymoon is over

Markets have dashed any lingering hopes of an investor honeymoon for Spain's incoming leader Mariano Rajoy, pushing borrowing costs for the stressed nation to toxic levels.

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Spain was forced to pay 5.11pc for three-month borrowings yesterday -- higher than rates paid by the stricken Greek central bank for its borrowings last week.

Mr Rajoy, leader of the centre-right Partido Popular (People's Party), which swept to power with an absolute majority at elections this week, is scrambling to find ways to bridge the paralysing hiatus until mid-December when the new government is finally able to take charge under Spanish law.

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