Italian spread dips two points but remains high

Bonds under pressure after Monti says set to quit

Italian spread dips two points but remains high

Rome, December 11 - The spread between 10-year Italian bonds and the German benchmark dropped two basis points after the opening of trading on Tuesday but remained high at 349 points with a yield of 4.78%. The spread, a key measure of Italy's borrowing costs and of investor confidence, shot up 28 points on Tuesday 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 Milan stock exchange was flat in early trading Tuesday, edging down just 0.03%, after its FTSE Mib index lost 2.2% of its share value in Monday's turmoil.

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