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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Matt Stoller</author_name><author_url>https://www.nakedcapitalism.com/author/matt-stoller</author_url><title>Spainaly under pressure | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="KTSx8fq4Vz"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/04/spainaly-under-pressure.html"&gt;Spainaly under pressure&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/04/spainaly-under-pressure.html/embed#?secret=KTSx8fq4Vz" width="600" height="338" title="&#x201C;Spainaly under pressure&#x201D; &#x2014; naked capitalism" data-secret="KTSx8fq4Vz" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By Delusional Economics, who is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from&#xA0;MacroBusiness.  Sorry for the lateness of this post, one of those days I&#x2019;m afraid.  Italian borrowing costs were seen rising overnight as the country moved into a second day of auctions of &#xA0;bonds and bills.  Of note &#x20AC;2.884 billion in three-year debt at a&#xA0;yield&#xA0;of 3.89% were sold. The last auction of few weeks ago came in at 2.76% so there has been a 1.1% jump in under a month. The bid to cover was also down to 1.44 from 1.56. On Wednesday Italy&#x2019;s one-year borrowing costs doubled. &#xA0;Treasury raised &#x20AC;4.88 billion which was under the full allocation of &#x20AC;5 billion.  Although these number are way down from the heady heights of late November yields, across the Italian curve yields have been rising since the end of March. The Italian authorities, ignoring&#xA0;yesterday&#x2019;s message&#xA0;from the Spanish, blamed contagion for the higher yields.</description><thumbnail_url>http://www.nakedcapitalism.com/wp-content/uploads/2012/04/Italy_Spain2.jpg</thumbnail_url></oembed>

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