Italy Borrowing Expected to Increase

28 July 2011 - Which Way to Pay

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Italy Borrowing Expected to Increase

As today sees Italy sell up to €8.5 billion worth of bonds, the country’s borrowing costs are predicted to soar, with anxiety over the mounting debt seeing its 10 year bond yield pushed to the highest level in over ten years. Earlier in the month, Italian assets were sold off as fears of the country being sucked into the eurozone debt crisis mounted, as well as the second bailout package for Greece being agreed last week. Interest rates at the European Central Bank remain at 1.25%.

At an auction of short-term bonds on Tuesday, the highest rates were hit since the beginning of the financial crisis in 2008, compounding the concerns of investors that the crisis is still a long way off resolution. Italy is in a sorry state at the moment, with debts amounting to 120% of gross domestic product, an unstable government and sickly economic growth. The general confidence of investors has not been helped by the deadlock in talks over raising the US debt ceiling, which is hanging over us all at the moment.

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