Spain’s Treasury expects to sell a net 47.2 billion euros ($62 billion) of debt in 2011, 24 percent less than 2010, the Economy Ministry said.
Cost-cutting by the Spanish government meant it sold 62.1 billion euros in 2010, 19 percent less than it originally planned, the ministry said in a statement sent by e-mail today.
After suffering a surge in its borrowing costs, Spain is attempting to convince investors it can cut its budget deficit from 11 percent of gross domestic product while guiding the economy back to growth after an almost two-year recession.
Spain will issue a gross amount of 93.8 billion euros in medium and long-term debt in 2011, the ministry said. Spain’s financing needs in 2011 include 3.6 billion euros in costs related to a loan to Greece to be made next year, the ministry said.
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