The interest rate on Italian 10-year government bonds breached seven percent on Wednesday, shattering the psychological bail-out ‘ceiling’.
Greece, Portugal and Ireland all had to seek multi-billion-euro bail-outs when their 10-year bonds exceeded this threshold.
The cost of government short-term borrowing for the country exceeds even these levels, with one-year bonds having soared to above eight percent.
The development has EU leaders scrambling to respond to the deteriora...
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