AlHijjah 26, 1432, Nov 22, 2011, SPA -- Financial markets on Tuesday maintained pressure on Spain, while German Chancellor Angela Merkel urged election winner Mariano Rajoy to carry out reforms "without delay.", according to dpa. Rajoy's conservative People's Party (PP) took an absolute majority in Sunday's parliamentary elections. Spain on Tuesday issued three and six-month bonds at an interest rate of more than 5 per cent. That is more than the interest paid for the most recent issue of three-month bonds by Greece and Portugal, which have required rescues by the European Union and the International Monetary Fund. Rajoy had received a "clear mandate" from Spaniards for reforms, Merkel wrote in a letter, which was made public by the PP. On Monday, Rajoy also spoke to Merkel on the phone, pledging to meet Spain's budget deficit targets. Analysts said markets would only be calmed by urgent reforms by Rajoy, who is expected to form a government before Christmas.
