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Spain’s debt auction, held as the country prepared for the Easter holidays, comes after several months where the gap between its borrowing costs and those of Germany’s – seen by investors as the eurozone’s safest debt issuer – has narrowed, prompting some commentators to argue that the risk of Spain following Greece, Ireland and Portugal into a Brussels-led bail-out has receded. The International Monetary Fund last week said that Spain had “decoupled” from its peripheral eurozone peers, while the Spanish government itself has adopted an increasingly confident tone about the success of measures it has taken to trim the country’s budget deficit. (Read the whole story online in the Financial Times.)