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News : EU Economy Last Updated: Dec 29, 2010 - 6:04 PM

Spain says it expects to cut sovereign debt sales by 24% in 2011
By Finfacts Team
Dec 29, 2010 - 5:56 PM

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Elena Salgado, Spanish Minister of Economy and Finance and Jean-Claude Trichet, President of the European Central Bank, Brussels, July 12, 2010.

Spain said today it expects to sell a net €47.2bn of sovereign debt in 2011, 24% less than 2010.

Spain funds about half it debt from its domestic market and the Economy Ministry said that cost-cutting measures resulted in it selling €62.1bn in sovereign bonds in 2010, 19% lower than originally planned.

Spain sold €116.7bn in net bond issues in 2009.

The government is targeting an annual budget deficit of 6% of GDP (gross domestic product) in 2011 compared to 9.3% in 2010 and 11.1% in 2009.

Finance Minister Elena Salgado has announced plans for partial privatisations including of the airport operator and national lottery. 

The yield spread between Spain's 10-year sovereign bond and the equivalent German Bund is almost 250 basis points (2.5%), down from a record 310 points at the beginning of December but up from 67 last April.

Credit rating agency Moody's Investors Service warned before Christmas that it it may downgrade Spain's credit rating.

Meanwhile, Portugal said it plans to issue in 2011 around €20bn in bonds in 2011.

Italy today raised €12bn in a bond auction that drew strong interest.

Rates rose compared with a November auction. The rate on a six-month bond rose to 1.698% from 1.483% while that on the two-year bond climbed to 2.937% from 2.307%.

The euro will still be around in ten years time, Jan Randolph, head of sovereign risk at IHS Global Insight, told CNBC Wednesday. Randolph considers the outlook for the Eurozone:

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