Spain plans to borrow $267 billion in 2013

Spain plans to borrow euro 207.2 billion ($267 billion) next year, the Budget Ministry said on Saturday.

Spanish bonds’ share of debt in circulation will fall 78.6 per cent next year when the average maturity of its debt will fall to 5.8 years, the ministry said on Saturday in the so-called yellow book which sets out the budget in detail. The country’s cash deficit will be euro 38.1 billion, and its ratio of debt to gross domestic product will reach 90.5 per cent in 2013, the ministry said. The budget assumes 10-year borrowing costs of five per cent, Brent crude at $101 a barrel and the euro at $1.24.