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Lack of detail on Spain bank rescue plan spooks investors; stocks down, bond yields up
MADRID (AP) ' Spain's borrowing costs are rising for the second day in a row while stocks are falling as investors worry about details on how a lifeline of up to '100 billion ($125 billion) from the other countries in the euro will be deployed to save Spanish banks.
The interest rate ' or yield ' on Spain's 10-year bond rose to 6.6 percent, close to the 7 percent level that forced Greece, Ireland and Portugal to ask for more severe rescues of their public finances.
Stocks slipped 0.2 percent Tuesday on Madrid's IBEX-35 index. The bank rescue package was announced Saturday. No amount has been set for how much the banks will receive.
Investors are also worried about Greek elections next Sunday that could determine whether Athens stays in the single currency.