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Rates down as Spain sells $6.5 billion in debt

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March 7, 2013 05:51 AM EST | AP

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MADRID — Spain has sold (EURO)5 billion ($6.5 billion) worth of bonds at a lower cost, in another sign that investors are getting more hopeful over the government's management of the country's debts.

The Treasury said Thursday it sold (EURO)2.44 billion in 10-year bonds at an average interest rate of 4.92 percent, compared with 5.2 percent in the last such auction Feb. 21.

It also sold (EURO)2.01 billion in 5-year bonds at 3.57 percent, compared with 4.12 percent Feb. 7. It also placed (EURO)569 million of 3-year bonds at 2.63 percent from 2.71 percent Jan. 17.

Spain's borrowing rates have fallen recently, partly on the back of the government's deficit-reduction program.

However, the country remains stuck in recession and has unemployment of 26 percent.