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News Summary: Spain pressed to outline bank plan

The Associated Press

A banner reading in Spanish 'Bankia Organized Fraud' hangs from a window of a recently occupied Bankia bank's building, in Madrid, Spain, Sunday, June 3, 2012. Spain will stick to harsh austerity measures until it emerges from financial crisis, Prime Minister Mariano Rajoy said yesterday, promising that the country would survive the present economic turmoil. (AP Photo/Alberto Di Lolli)

NEED TO KNOW: Concerned that Madrid may need to seek foreign aid, investors continued pressing Spain to reveal its plans for its troubled banking sector as the government's borrowing rates stayed at worryingly high levels.

THE RATES: The interest rate on the benchmark 10-year bond rate was at 6.39 percent on Monday.

THE WORRY: That's about 0.08 percentage points lower than on Friday but still perilously close to the levels that pushed Greece, Ireland and Portugal to ask for bailouts. Spanish lender Bankia S.A. alone needs about four times as much aid has Spain has left in its fund for this purpose.