Germany sold 4.1 billion euros ($5.3 billion) of bonds today,kicking off a competition for finance that may determine whethereuro-area leaders can preserve the 13-year-old single currency.

Portugal, forced to seek an EU-led rescue in May, borrowed 1billion euros selling bills repayable in April. Auctions fromGreece, Italy and Spain follow later in the month as commoncurrency members commence sales that may reach 262 billion euros inthe first quarter and 865 billion euros in 2012, according toDeutsche Bank AG forecasts. Italy's 10-year borrowing cost is 6.95percent, up from a 2011 average of 5.35 percent, while Spain's 5.42percent is down from 5.44 percent last year.

The push to solve the debt crisis now in its third yearcontinues with a Jan. 9 Franco-German summit in Berlin. EuropeanUnion finance chiefs convene in Brussels on Jan. 23, withgovernment leaders gathering a week later. Greece, meantime, isstill seeking final agreement to write off at least half of itsdebts in a so-called private-sector involvement agreement.