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Φανή Πεταλίδου
Ιδρύτρια της Πρωινής
΄Έτος Ίδρυσης 1977
ΑρχικήEnglishGreece’s Bonds Drop Amid Row With EU Over Bailout Exit

Greece’s Bonds Drop Amid Row With EU Over Bailout Exit

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Greece’s government bonds declined, pushing 10-year yields above 7 percent for the first time since March, after euro-area finance ministers clashed with the nation’s leaders over their desire to sever a bailout program.

Greek 10-year bonds fell for a second day and the nation’s stock index tumbled to the lowest in more than a year. Ministers are watching Greece “with a certain skepticism and concern,” Austrian Finance Minister Hans Joerg Schelling said yesterday. The euro area’s second-biggest bond rally this year is slowing amid concern Greece won’t be able to raise finance at sustainable rates without the support of its regional partners. Benchmark German 10-year yields dropped to a record.

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“We are starting to approach yield levels where doubts are starting” about Greece’s ability to finance itself, said Christian Lenk, a fixed-income analyst at DZ Bank AG in Frankfurt. “There is a lot of uncertainty in the market and that is helping to increase pressure on Greek bonds.”

Greek 10-year yields climbed 38 basis points, or 0.38 percentage point, to 7.08 percent at 10:44 a.m. London time, having reached 7.09 percent, the highest since March 21. The 2 percent bond due in February 2024 fell 2.195, or 21.95 euros per 1,000-euro ($1,265) face amount, to 75.02.

The nation’s benchmark stock index, the ASE Index, fell 4.1 percent to the lowest since Sept. 9, 2013.
Bunds Jump

German (GDBR10) bonds gained as investor confidence in Europe’s largest economy slumped. The benchmark 10-year yield dropped as much as five basis points to 0.85 percent, the lowest since Bloomberg started collecting the data in 1989

The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, declined to minus 3.6 in October from 6.9 in September. That’s the lowest level since November 2012. Economists had forecast a drop to zero, according to the median estimate in a Bloomberg News survey.

Greece’s government securities returned 19 percent this year through yesterday, Bloomberg World Bond Indexes show, trailing behind only Portugal’s 20 percent. Germany’s earned 7.5 percent and Italy’s made 13 percent. 

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