News | Wednesday, 21 April 2010

Greek bond yields hit record high

The yield on Greek 10-year government bonds rose to a record of 7.807 per cent on Tuesday, indicating growing investor concern that Greece could default on its massive debts unless it receives help. The yield was already at 7.618 per cent on Monday - way beyond the level that Greece can afford to pay if it is to get through its debt crisis.Greece needs to raise tens of billions of euros on financial markets this year to cover its debt and budget obligations, of which it needs about €11 billion by the end of next month to avoid default on old debt falling due for redemption. The Greek government is due to hold talks today with European Union, European Central Bank and International Monetary Fund officials.

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