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Spain battles bailout

SPAIN is racing against time to avoid becoming the next EU country to spiral into a bailout.

Yields on three-month Spanish notes jumped to a 14-year high at 5.11pc -- a figure that was above rates paid by Greece.

Spain's next Prime Minister Mariano Rajoy will outline much anticipated economic plans to many of the eurozone's top leaders next month as the country moves rapidly towards a bailout.