Spanish stocks sank and its borrowing costs rose Friday after the government released data showing the country's banks borrowed a record €316.3 billion ($415.9 billion) from the European Central Bank in March.

Bank of Spain data showed that ECB lending to the country's financial institutions almost doubled since February when their reliance was €169.8 billion ($223.3 billion).

Concern is mounting over Spain's ability to cut its national debt and lift its struggling economy out of recession when unemployment is nearing 23 percent.

The ECB made some €1 trillion in emergency three-year loans to banks in two batches in Dec. and Feb., lifelines to Spain's troubled banks that find it hard to secure short-term financing elsewhere.

The injection spurred lenders to snap up battered government debt, driving Spanish borrowing costs down. However, the effects of the cheap loans across Europe have since dissipated and Spain is taking the brunt of market distrust.