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THE ITALIAN GOVERNMENT has been pushed closer than ever to requiring emergency funding from the EU and IMF this morning, after two separate bond auctions saw its cost of borrowing rise to unprecedented levels.
The treasury raised €10bn through the auction of two different bonds, but was forced to agree huge interest rates in order to do so – sending the price of borrowing on more long-term borrowing to their highest levels of the euro era.
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Most of the cash – some €8bn – was raised through the issue of six-month bonds, on which the treasury was forced to pay 6.504 per cent interest – up from just 3.535 per cent on the last similar auction.
The other €2bn was raised in the sale of bonds maturing in two years’ time – which now fetch an all-time record of 7.814 per cent, up from 4.628 per cent the last time similar bonds were sold.
The levels are universally considered unsustainable – and have sent the yield on 10-year bonds, which are sold second-hand elsewhere, up to 7.33 per cent: close to their all-time high set two weeks ago.
The events put further pressure on Italy, which requires low interest rates in order to keep on top of its €1.9 trillion mountain of national debt.
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Just remember folks these are the same guys urging a yes vote, who ll cut jobs here and drop us in an instant just to save a few cent. NOT the type of people whose opinion should be trusted on sovereign affairs! Deeply sad news, let’s hope the loss of jobs here is small.
This is just to do with supply and demand, HP is going down as it has not diversified to meet the competition.. The saved money may be invested back into the company and hopefully improve it..
So would it be fair to say that supply and demand will remain the same regardless of whether we are on board this packed metaphorical train? If that’s the case, and as you point out below, Irelands democratic wish won’t make a blind bit of notice to FDI investment and retraction in Ireland? More spoof so from Yes side?
They seem to hire a lot of their engineers etc through a independent subsidiary called HP CDS this allows them to offer lower terms and less benefits as opposed to normal HP engineers.
Ireland already has some medical deserts - and it’s been getting worse
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