Rome

Italy's borrowing costs shoot up with Monti set to resign

Bond spread climbs 30 points to 353

Italy's borrowing costs shoot up with Monti set to resign

(see related story on stock market) Rome, December 10 - Italian state bonds came under intense pressure on the money markets in early trading on Monday after Premier Mario Monti said at the weekend he would resign when the 2013 budget law is approved. The announcement came after ex-premier Silvio Berlusconi's People of Freedom (PdL) party said it had stopped backing Monti's administration and the media magnate said he would run for a fourth term at the helm of government in upcoming elections. The yield spread between 10-year Italian bonds and the German benchmark, a barometer of Italy's borrowing costs and of investor confidence in the country's ability to weather the eurozone crisis, shot up 30 basis points to 353 on Monday. The yield climbed to 4.80% after closing at 4.5% on Friday.

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