By Simon Miller

Spanish bank borrowing from the European Central Bank (ECB) hit a record high of €402bn (£315.6bn), its central bank disclosed today.

Spanish banks broke the previous record of €365bn in June as they increased their reliance on the ECB having been almost completely shut out from international markets.

The record breaking figures came as tensions mounted after the announcement of the €100bn bailout deal for the country's financial institutions.

Total net borrowing stood at €376bn in July compared with €337bn the previous month while deposits in the ECB's marginal deposit facility remained stable at €26.64bn in July compared with €27.79bn in June.

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