Bond yields on short-term Italian debt rose above 8 per cent on Friday as Rome was forced to pay euro-era high interest rates in what analysts called an “awful” auction.It's all falling apart, but those that advocated this stupid, ridiculous and unworkable currency will get away scot free; it's the rest of us that will suffer the consequences when it all goes wrong.
Italy raised its targeted €10bn in an auction of two-year bonds and six-month bills but at sharply higher yields.
“Rates have skyrocketed. It’s simply not sustainable in the long run,” said Marc Ostwald, strategist at Monument Securities in London.
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