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The downgrades of Greece’s long-term credit rating by Standard & Poor’s and Fitch did little to the 10-year yield spread between Greek government bonds and Bunds but bankers warn that this might change if Greece fails to deliver on its commitment to return to the path of fiscal consolidation.
The 10-year spread over Bunds widened by three basis points to 20.5bp in mid-September when the government notified the EU authorities of larger than expected budget deficits revealed by the audit of its fiscal accounts.
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