Rome

Italian spread falls below 500 after Draghi's euro pledge

ECB 'ready to do everything necessary' to save the euro

Italian spread falls below 500 after Draghi's euro pledge

(ANSA) - Rome, July 26 - The yield spread between 10-year Italian bonds and the German benchmark dropped below the 500-point mark on Thursday after European Central Bank President Mario Draghi said his body was "ready to do everything necessary" to save the euro. The spread, a barometer of Italy's borrowing costs and an indicator of investor confidence in the country's ability to weather the eurozone crisis, dropped from 519 points to 495 after the statement. Italy's bonds have been under pressure amid speculation that Spain may need a bailout and on Tuesday the spread hit 537 points - a level not seen since November, when Italy's ex-premier Silvio Berlusconi was forced from office.

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