EASIER MONEY: Spain raised €4.8 billion ($6.2 billion) in a debt auction Thursday that saw strong demand and a substantial drop in its borrowing costs. The economic crisis has left the country with near 25 percent unemployment and austerity measures and reforms aimed at reining in debt have triggered street protests and sparked some regional tensions.
IT MAY NOT LAST: Analysts and investors warned that Prime Minister Mariano Rajoy should not take the successful sale as a sign that the pressure to seek a rescue package was over.
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THE BACKGROUND: Spanish borrowing costs have fallen since the European Central Bank pledged two weeks ago to buy unlimited amounts of government bonds to help countries that are being strangled by their debts. Spain can still request assistance but such aid comes with strings attached. Madrid has said it may apply for the aid if the terms are reasonable.
