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News Summary: Spain’s borrowing rates hit record

By The Associated Press
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PAIN FOR SPAIN: Financial pressure is mounting on Spain as its economy shrinks and the cost of bailing out banks and regional governments grows.

BORROWING COSTS: Investors pushed the country’s borrowing rates to a euro-era high of 7.45 percent Monday on fears that Spain will need a bailout. That is considered an unsustainable level.

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