MADRID (AP) ? Spain's borrowing costs doubled and even tripled in an auction of 3- and 6-month bills, the first sale since the country formally asked the EU for bank bailout money.
The Treasury auctioned ?3.1 billion ($3.9 billion) in the two maturities Tuesday, just above its target range, and demand was strong. But the cost was very high.
The interest rate on 3-month bills was 2.36 percent, compared with 0.85 percent in the last such auction on May 22.
The rate on the 6-month bills was 3.24 percent, from 1.7 percent May 22.
Spain on Monday formally requested the bank bailout but did not specify how much of a ?100 billion fund its eurozone partners have made available.
Also Monday, Moody's made a sweeping downgrade of Spain's troubled banks.
Associated Pressbobby valentine marian hossa philip humber red sox yankees white sox chuck colson
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