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Even if Spain seeks only a "precautionary" euro zone credit line without actually borrowing any cash, the ECB would still have to buy Spanish bonds to prevent Spanish borrowing costs from rising again, he said in a report.
There had been hopes borrowing costs would fall at the auction after signs of progress on a Spanish bank bailout and a sharp improvement in Italy's borrowing costs at a one-year bond auction on Thursday.
Spain's borrowing costs have escalated ahead of a general election this weekend, while Italy's new head Mario Monti faces a tough job beating the country's finances back into shape.
Italy's borrowing costs were also hovering around the critical 7% level amid doubts new boss Mario Monti's government of technocrats will be able to beat the country's finances into shape.
In a move to lower local debt, the central bank has lowered borrowing costs.
1% fiscal surplus in order to lure investors in its sovereign debt at reasonable borrowing costs during the ten years after independence, but the government is currently running a primary fiscal deficit of 2.
This shifting mood can be seen in the rapid ascent of equity markets and the continuing plight of gold, but also in the rising borrowing costs of perceived safe-havens.
Issuers from the UAE are tapping the market this year to benefit from a drop in borrowing costs.
Cheaper borrowing costs have allowed firms to keep total cost inflation close to zero, widening business margins.
Rising borrowing costs may become a major hurdle Australia's nascent economic recovery in the months ahead: while the RBA has kept benchmark interest rates on hold at 3% since February, the cost of borrowing in Australian Dollars for six months or longer in the interbank market has gradually crept higher over recent months.
While official borrowing costs have fallen for six months in a row, the Bank believes rate cuts alone will not be enough.
Recently, the IASB has revised its guidance for interest capitalization in IAS 23, Borrowing Costs, to more closely conform to the U.