A French flag covers a plaque before its unveiling during the inauguration of a Gendarmerie in La Londe-les-Maures, Southern France, May 19, 2011. REUTERS/Philippe Wojazer (FRANCE - Tags: POLITICS)

The French government borrowed for the first time at negative rates on Monday, meaning that investors were willing in effect to pay to hold French debt as in Germany.

The French government raised almost 6.0 billion euros ($7.4 billion) in short-term debt at below-zero rates as rates for Spain spiked to the danger level of 7.0 percent.

Denmark, France, Germany and the Netherlands have all attracted investors willing to pay to hold their debt. - Sapa-AFP