Markets

Greek yield spread widens as PM reshuffles

LONDON : The premium investors demand to hold Greek government bonds rather than benchmark German Bunds rose on Friday a

Published June 17, 2011 Updated June 17, 2011 08:27am

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By Syed Murtaza Gheblehzadeh

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Greek Prime Minister George Papandreou will name a new cabinet later in the day to muster support for painful economic reforms, in the face of public unrest and a split in his party that could push the country closer to debt default.

The Greek/German 10-year government bond yield spread widened to 1,596 basis points, up around 40 bps versus Thursday's settlement close. Outright 10-year Greek yields hit a euro-era record of 18.9 percent.

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