MADRID - Spain hopes to raise up to euro3 billion ($3.9 billion) Thursday in the auction of the debt, a test key to confidence of investors, the day after a sale of binding the Portugal successfully facilitated market pressures somewhat.
Treasury plans auctions between euro2 billion dollars and euro3 billion in five-year bonds Thursday. Portugal, which many fear could be the next online need a bailout after the Greece and the Ireland plan has seen good demand for its sale of debt on Wedneday.
Main stock market index for the Spain closed to 5 per cent more high Wednesday evening and is an increase of nearly 1% Thursday morning as markets await the results of the sale auction Spanish liaison.
The Government insists that Portugal or need of a rescue plan thanks to reforms and austerity measures aimed at consolidating their public finances sick.
Elena Salgado, Spanish Finance Minister stated that the Portuguese auction left the market a little more stable bond "so we are very confident." She spoke in an interview with CNBC Thursday.
The Spanish Government said the country isn't like the Greece or the Ireland, noting its overall level of debt as a percentage of GDP is 20 percentage points below the EU average.
Still, investors fear that the contagion of the European debt crisis will raise the Spain borrowing costs. A Madrid rescue plan could be devastating for the euro area, because the Spain approximately five times larger than the Greece or the Ireland and would test the financial strength of the block.
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