Seven – the psychologically important threshold for 10-year eurozone bond yields – is not the magic number. Post-super Mario’s bullish comments on Thursday, here’s another boost for battle-hardened euro investors, courtesy of Commerzbank. In short, market fears over public debt sustainability in Spain and Italy, given the elevated bond yields, are clearly overdone, argues the bank, citing the fact that the additional debt interest these economies might have to bear is only in line with pre-European Monetary Union (EMU) history.
First, the math.
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