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Italy Leads Euro-Area Bond Declines on Crisis-Fight Skepticism

BusinessWeek - Oct 31, 2011

Italian bonds led a decline among Europe’s most-indebted nations amid concern a crisis-fighting strategy agreed on by euro-area leaders at a summit last week won’t halt the spread of the region’s debt crisis.

The five-year Italian yield rose to the highest since before the euro was introduced in 1999 as traders speculated Prime Minister Silvio Berlusconi will struggle to deliver pledged deficit cuts. Spanish 10-year rates reached the most since Aug. 8 as China’s Xinhua News Agency said the Asian nation can’t play the role of “savior” to Europe. Belgian bonds fell after the nation sold debt. German bunds rose.

“The latest deal to resolve the euro-debt crisis is grandiose in its scope but limited in its details,” said Richard McGuire, a senior fixed-income strategist at Rabobank International in London. “Italian bond yields are telling us that the market is not confident that the summit will draw a line under the crisis. They are saying the market still sees scope for bailout contagion and Italy is the next” in line.

Read Full Article from BusinessWeek

- Posted: 2011-10-31 10:32:30

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