Borrowing rates for Spain and Italy firmed yesterday after several days of respite due to an inconclusive meeting of eurozone ministers and before key talks in Rome.

Spain is fighting to avoid needing a full national debt rescue and is expected at any time to detail a request to EU authorities for help for its banking system.

The rate which Spain must offer to borrow money for 10 years, as indicated on the secondary bond market, firmed to 6.612 per cent from 6.568 per cent at the close on Thursday.

The yield on 10-year Italian debt rose to 5.815 per cent from 5.734 per cent. The yield on 10-year German debt, the benchmark for the eurozone, fell to 1.528 per cent from 1.533 per cent and for French 10-year bonds to 2.609 per cent from 2.634 per cent.

At Credit Agricole CIB, economist Orlando Green said: “The (eurozone) bond market remains very dependent on what European politicians say.”

A meeting of eurozone finance ministers did not an-swer all questions about how a rescue for Spanish banks would work in detail.

They urged Spain to make a formal request for help as soon as possible.

An independent audit published on Thursday said that Spanish banks would need maximum help of €62 billion, less than expected on financial markets and less than an amount of up to about €100 billion offered by the eurozone.