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Spain to Sell $329 Billion of Debt as Borrowing Nears 100%

Spain will sell 243.9 billion euros ($329.2 billion) of bonds and bills next year to cover refinancing needs and its budget deficit, increasing its debt burden to 99.8 percent of gross domestic product.

The debt-to-GDP ratio will rise from 94.2 percent at the end of this year, according to the budget bill posted on the Budget Ministry’s website today. Budget Minister Cristobal Montoro presented the plan as Spain’s 10-year bond yields rose as high as 4.53 percent, surpassing the forecast of 4.3 percent on which the government is basing next year’s budget.