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Spain’s borrowing costs “unsustainable”

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Spain's borrowing costs have risen to 7% this morning, a level which is widely regarded as unsustainable.

This is a Euro-era record high as Moody's cut Spain's credit rating to one notch above "junk" status.

The increase comes just before a planned auction of Italian bonds.

There are now fears that the bank bailout agreed at the weekend will not be enough to rescue the Spanish economy.