Greek debt position worsens

The debt position of Greece, officially Europe's most indebted country, is set to be to worse than previously expected this year.

Greece, which received more than £90bn in bail-outs to avoid default earlier this year, says its deficit figure is likely to be higher than it forecasted in May. The country's deficit last year was at 15.4% of GDP, and it is likely to be 9.4% this year - more than the 8.1% it previously targeted. Yields on Greek 10-year bonds climbed 6bp to11.44% today. "What looked a very difficult mountain for Greece to climb in terms of getting on a more sustainable fiscal path beforehand now looks even more difficult," Marc Ostwald of Monument Securities told The Telegraph. "Clearly they are...