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Spain in bond sale

SPAIN has held a successful auction of five-year government bonds amid a surge of optimism in the markets about eurozone sovereign debt.

Bailouts for Greece and Ireland boosted support for countries using the euro. Although most economists still believe Portugal will need to seek assistance from the EU and the IMF, they are divided about the prospects for the much larger Spanish economy.

Spanish finance minister Elena Salgado (above) rejected the idea of a bailout, but said eurozone countries needed to work together to "improve our economic governance".