European bailout fund blunder as France and Germany argue over bondholder losses

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Source: Bloomberg
© Scanpix/Reuters

According to officials involved in negotiations, EU efforts to accelerate the creation of permanent bailout fund have stumbled as Germany and France cannot agree about conditions to make bondholders accept losses. FMs did not succeed to link divisions of European Stability Mechanism, lowering the probability to activate €500 bn firewall in July 2012. 

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Thu, 10 Nov 2011 13:12:23 GMT

Italian debt gain after 12-month auction

Today Italy traded €5 bn in 12-month Treasury bills, for the highest yield since September 1997. Rome Treasury sold 12-month notes at 6.087%, about 2.5 percentage points more than in last auction in October. 10-year bond yields dropped subsequently reaching 6.983%. Italian markets will be challenged again in auction for five-year debt in November 14.

Thu, 10 Nov 2011 14:10:00 GMT

Asian stocks plummet on Italian yields

Asia stock markets descended on Thursday as Italian borrowing rates skyrocketed, rising concerns about the euro area debt crisis. Japan's Nikkei Stock Average lost 2.8%, South Korea's Kospi plunged 3.9% and Hong Kong's Hang Seng Index dropped 4.5%. China's Shanghai Composite gave up 1.1% and Australia's S&P/ASX 200 index fell 2.8%.

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