Spain's borrowing hits record high

There is no let up in the eurozone debt crisis as Spanish government borrowing costs hit another euro-area record.

On Thursday lenders demanded an interest rate of 7% for 10 year bonds - a level which many believe is unsustainable.

Meanwhile in Italy, the government sold three-year debt with the interest rate spiking to 5.3% in their bond auction.

Norbert Aul is a European rates strategist at RBC Capital markets, he told the BBC "the European leaders have to act".