June 5, 2019 / 10:52 AM / 2 months ago

Italy bonds, bank stocks fall as EU Commission concludes Rome broke fiscal rules

MILAN, June 5 (Reuters) - Italian sovereign bond prices and bank stocks fell further on Wednesday after the European Commission concluded that Italy is in breach of EU fiscal rules because of its growing debt, a situation that justifies the launch of a disciplinary procedure.

Italian banks were down nearly 1.8% to a day low by 1039 GMT following the news, while the yield on 10-year government bonds rose five basis points to hit the day’s high at 2.575%..

If the European Union states back this assessment in the next two weeks, the EU executive could subsequently recommend to start the procedure, a move expected before a meeting of EU finance ministers in early July. (Reporting by Danilo Masoni and Abhinav Ramnarayan, Editing by Helen Reid)

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