May 22, 2018 / 1:01 PM / 3 months ago

Italy's 10-year bond spread widens on report about eurosceptic new economy minister

MILAN (Reuters) - The yield premium Italy’s 10-year bonds pay over equivalent German paper rose sharply on Tuesday with two traders citing a report about eurosceptic economist Paolo Savona being picked as economy minister in a new anti-establishment government.

News agency Ansa reported that a meeting was taking place between the leaders of the Five Star Movement and the far-right League to discuss the list of new government ministers.

The yield premium Italian 10-year bonds pay over German Bunds rose by 7 basis points in the span of minutes to top 180 basis points.

In recent years, Savona has been quoted in the national press as saying that the single currency is a “noose around Italy’s neck.”

Reporting by Sara Rossi and Elvira Pollina, writing by Valentina Za,

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