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ECB steps in again as bond yields surge

ECB steps in again as bond yields surge
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First Published: Wed, Nov 16 2011. 11 10 PM IST

File photo
File photo
Updated: Wed, Nov 16 2011. 11 10 PM IST
London: The European Central Bank on Wednesday returned to the government debt markets to buy bonds issued by Italy, Spain and Portugal, a foray that so far has failed to arrest a sharp surge in yields for the second straight day.
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The yield on the benchmark 10-year Italian bond peaked earlier Wednesday at 7.09%, despite what some traders described as sizeable bond purchases by the ECB, before dipping back to 6.95% around 1548 GMT.
Greece, Portugal, and Ireland were forced to seek external assistance after yields on their bonds breached and remained above that 7% level.
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wsj@livemint.com
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First Published: Wed, Nov 16 2011. 11 10 PM IST
More Topics: ECB | Euro Zone | Debt Crisis | Markets | Greece |