Spain regional redemptions hurt existing bondholders

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Source: Bloomberg
Spain's government has doubled loans for 17 semi-autonomous regions to 41 billion Euros, as local authorities failed accessing capital markets to get debt redemptions, defray suppliers and fund the deficits. Terms of the backstops determine that in the case of region's default government would get repaid before existing bondholders.
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Tue, 31 Jul 2012 12:44:50 GMT

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