Spanish and Italian bond yields surge towards 6% on G20 fears

Spanish and Italian bond prices have continued their decline as G20 leaders told European politicians responsibility for the debt crisis lies with them.

Finance chiefs at the G20 meeting today in Washington put pressure on Europe to solve the two-year eurozone crisis, which they labelled the largest drag on global economic growth, Bloomberg reports. At midday, Spanish 10-year bond yields had risen three basis points from 5.91% to 5.94%, and Italian 10-year yields had risen six basis points, from 5.58% to 5.64%. Spanish 10-year notes soared to above 6% on Monday as fears over the health of Europe's fourth largest economy accelerated. However, a Spanish bond auction yesterday provided some relief after the nation managed to sell all ...