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Monti’s Exit Pushes Up Italy Yields

Italian Prime Minister's departure poses test for eurozone.

By Andrew Frye, Bloomberg | Updated on December 10, 2012

The imminent end of Prime Minister Mario Monti’s government fueled the largest increase in Italian borrowing costs in four months and threatened to open a new front in Europe’s crisis fight before a year-end summit.

Italian 10-year bond yields jumped 36 basis points to 4.89 percent at 12:18 p.m. in Rome, widening the difference between yields on German bunds of similar maturity by 38 basis points to 361 basis points. Italy’s benchmark FTSE MIB stock index fell 3.4 percent, while Germany’s DAX Index slipped 0.6 percent.

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