Italian Yields Jump as Papandreou Fights to Skirt Default
Sept. 12 (Bloomberg) — Italian bond yields surged at an auction today and Greek Prime Minister George Papandreou failed to reassure investors that his country can avert default as the euro region’s debt crisis worsened. Italy sold 12-month bills today to yield 4.153 percent, up from 2.959 percent a month ago as demand fell. The yield on Greece’s two-year note surpassed 60 percent for the first time after the government said it would raise property taxes to meet the 2011 deficit goal in its European Union-led rescue. Papandreou is struggling to convince investors that Europe’s most-indebted country can avoid a … Read more