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Italian bond spread hits new record
Italian bond spread against German benchmark hits another record, stocks fall
By The Associated Press

MILAN (AP) ' The spread between 10-year Italian bonds and Germany's benchmark has reached a new record as investors worry the country may become engulfed in Europe's debt crisis.

The spread hit 300 points late Monday afternoon. The interest rate on a 10-year Italian bond was 5.67 percent while the rate on the German equivalent, considered the safest in the eurozone, traded at 2.81 percent.

The Milan stock exchange fell despite a limit on short-selling set by the stock market regulator.



Banks led the decline as the FTSE MIB's dropped 4 percent after the New York opening. Unicredit was down 10 percent and Intesa Sanpaolo 9 percent. Fiat Industrial and Telecom Italian also were among the worst performers.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

MILAN (AP) ' The spread between 10-year Italian and German bonds has reached a new record Monday as investors worry the country may become engulfed in Europe's debt crisis.

The spread hit 285 points before easing back to 269 points by mid-afternoon. The interest rate on a 10-year Italian bond was 5.5 percent while the rate on the German equivalent, considered the safest in the eurozone, traded at 2.81 percent.

The Milan stock exchange fell despite a limit on short-selling set by the stock market regulator.

The FTSE MIB dropped 4 percent after the New York opening. Fiat Industrial, bank Intesa SanPaolo and Telecom Italian were among the worst performers.

As of Monday, all traders must reveal their short positions when they reach 0.2 percent or more of a company's capital. The measure runs through Sept. 9.


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