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Spain Short-Term Funding Higher Than Greece at Height of Crisis: Pro

5:00 AM ET Thu, 26 July 2012

Steven Major, global head of fixed income strategy at HSBC, told CNBC, "What really matters with Spain is the short-term funding rate and the bill market are moving towards five percent which is very high, even Greece was issuing bills for a yield less than five percent at the height of the crisis. Spain has time and the big hope is that by then there is a bit more of a durable solution in place for Europe."