Venerdì, 21 Settembre 2018

Spain's bond yield at record 7.4%


(ANSA) - Rome, July 23 - The yield on Spain's 10-year bonds
reached a new euro-era high of 7.4% on Monday, ushering in what
will be another difficult week for the eurozone.
The yield spread between the Spanish Bonos and the German
benchmark Bund stood at 627 points.
The spread between 10-year Italian bonds and the German
benchmark opened at 520.3.
In Spain protests over government austerity measures
continued as Murcia looked set to become the second autonomous
region after Valencia to apply for a central government bailout.
Meanwhile the German weekly Der Spiegel cited allegations by
unnamed "official" EU sources that the International Monetary
Fund intends to block aid to Greece, leading to a probable
default in September, on grounds that the country will be unable
to reduce its debt to 120% of GDP by 2020 and meet its reform
This would cost Eurozone countries a further 10-50 billion
euros in aid.
European Central Bank President Mario Draghi said on Sunday
that "the euro is irreversible" and that the monetary union is
not in danger of "exploding".
Germany's constitutional court is due to rule on September
12 on the creation of the permanent European rescue fund for
countries with soaring borrowing costs.
Meanwhile Italian Premier Mario Monti is acting on both
foreign and domestic fronts.
On Monday Monti is in Moscow to meet with Russia's leaders
and business community.
The Italian premier is then due in Finland to where he will
try to overcome Helsinki's resistance to the EU rescue scheme,
before heading for Spain.
In Italy the government is preparing for a "boiling" summer
with further spending cuts of between 6 and 8 billion euros.

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