Spanish debt sale helps lift markets

A TURNAROUND in Spain’s debt-selling fortunes went some way to easing investor nerves yesterday, with all major European stock markets showing moderate growth, following Wednesday’s sharp falls.

Not only did Spain manage to sell ten-year bonds with a considerably lower yield than its previous auction in October, but it managed to raise €6 billion, rather than its initial estimates of between €2.5bn and €3.5bn.

This was enough to spark a recovery in European stocks; although there was a warning from ECB chief Mario Draghi, stating that there would be “no external saviour” for debt-ridden economies not prepared to help themselves.