Amid mounting market pressure and tension over the future of the euro area the Spanish Treasury still went ahead with its auction and sold 4.5 billion euros of government bonds.

Spain endured the pressure with the cost of borrowing surging amid the turmoil and jittery markets as Greece is faced with the risk of default and leaving the euro.

Spain sold 1.56 billion of bonds due 2014 at the average rate of 4.27% with the cover ratio of 1.7 times. They also sold 2.92 billion euros of bonds due in 2016 with an average yield of 4.85% with the cover ratio of 1.62.