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Greece default fears resurface
Wednesday, December 10, 2014 - 01:39
Greece's short-term borrowing costs jump further above longer-term equivalents. As Amy Pollock reports it's a tell-tale sign that investors fear political uncertainty in Athens could put the country back on the road towards default.
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Greece is back on a rocky road and the uncertainty is making investors nervous. Short-term borrowing costs topped 9% - they haven't been that high since the country was rescued from its debt crisis in 2012. And three-year bond yields even topped long-term borrowing costs too. Greece's main stock index also fell a further three percent after a 6 percent fall on Tuesday - the biggest drop in 27 years. UFX's Dennis de Jong says it's deja vu: (SOUNDBITE) (English) UFX MANAGING DIRECTOR, DENNIS DE JONG, SAYING; "Prospectors are reliving what happened a couple of years ago and Greece will have to suffer some consequences of that." It's largely because the government has brought forward a key presidential vote. If their candidate doesn't win there'll be general elections - and that could open the door to the leftist Syriza party. It firmly rejects reform and wants debt written off. On Monday the euro zone's finance ministers agreed to extend Greece's bailout programme to prevent a financial crisis. And the EU's Economics Chief says he's confident it can still avoid a political one. (SOUNDBITE) (English) EU COMMISSIONER FOR ECONOMICS AND FINANCIAL AFFAIRS, PIERRE MOSCOVICI, SAYING: "When you're in election time you don't know for definite what is the result but I believe that if Prime Minister Samaras chose this way, it's because he is confident in his capacity to have a successful election of a president in the weeks to come." Other peripheral countries are also being hit by Greece's jitters Portugal's 10 year bond yields rose to almost 3 percent while Spanish and Italian ones were up around 2 percent Geman bond yields - which generally fall at times of uncertainty - dipped under 0.7 percent to a new record low.
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Greece default fears resurface
Wednesday, December 10, 2014 - 01:39
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