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Yields on 10 Year Italian government bonds jumped 30 basis points this morning to break 6% on Tuesday, the first time a rate that high appeared since 1997. Italy’s interest rate is edging closer to 7% , as the world begins to fear that they might not be able to finance their activities any longer.
In order to stop rates from rising, the European Central Bank will have to take steps which will ensure that the problems in Italy does not create a domino effect across Europe. The Central bank would have to commit to buying government debt to stop rising interest rates.
Investors are dumping the euro and European shares over worries that Italy and Spain will meet the same fate as Greece, Portugal and Ireland. The worries have resulted in the highest cost of insurance for euro peripheral bond issuers in history.
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