Tags: EU | Greece | Financial | Crisis

Greek Borrowing Costs Hit New Record High

Thursday, 08 Apr 2010 06:46 AM

 

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Greece's borrowing costs spiked higher for a third day Thursday, intensifying the country's debt crisis and suggesting a eurozone rescue program is providing little support.

The interest rate gap, or spread, between Greek 10-year government bonds and the German equivalent, considered a benchmark of stability, spiraled to record highs.

In wildly oscillating morning trading, spreads were jumping between 4.01 and 4.30 percentage points — the highest level since Greece joined the euro.

The higher interest rates demanded by bond investors are potential poison for the Greek budget; unless they fall, the government will pay a premium to borrow and face a vicious cycle where higher borrowing costs fuel fresh default fears.

Share values on the Athens Stock Exchange were also being hammered, pulled down by a bank losses. The bourse's General Index was down 4.7 percent at midday at 1,894.87.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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