Spread breaks 350 amid economic, political uncertainty

Bersani looks for govt support as Napolitano deadline up

Spread breaks 350 amid economic, political uncertainty

Rome, March 28 - The spread between Italian 10-year bonds and the German benchmark bund widened 10 points early Thursday to hit 360. The psychologically important marker is a sign of stress on Italian debt, which has sparked rumors of a downgrade from ratings agencies amid political uncertainty. The yield, another important indicator of investor confidence in Italy's ability to weather the eurozone debt crisis, was 4.85%. Pier Luigi Bersani, the head of Italy's center left, must report on his progress in forming a new government later Thursday, but the situation does not look positive after late February elections produced inconclusive results and a hung parliament. The uncertainty has weighed on Italy's main financial market, where the FTSE-Mib fell by 0.55% in early trading driven mostly to bank losses.

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