1. The difference between the price one must pay to buy something, such as a currency, and the price one receives for selling it. 2. The difference between the interest rate on a bond and the risk free rate; thus the risk premium on the bond. 3. The interest rate spread, i.e., the difference between the interest rate on a bond issued by one borrower and that on a bond issued by another, safer, borrower. Spreads between Greek bonds, for example, and those of Germany have been seen as an indicator to the likelihood of Greek default.