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Italy 10-year government bond yield soars to 6.30%

Italy 10-year government bond yield soars to 6.30% ( 10YR_ITA 10YR_GER ) (by William L. Watts)

FRANKFURT (MarketWatch) -- The yield on 10-year Italian governemnt bonds (it:10yr_ita) continued to soar Tuesday as fears mounted over the ability of European authorities to contain the euro zone's debt crisis a day after Greece unexpectedly announced a referendum on the latest bailout plan. The 10-year yield topped 6.30% and remained nearly 30 basis points higher at 6.29% in recent action, according to FactSet Research data. Meanwhile, a flight to safety sent German 10-year bund yields (de:10yr_ger) tumbling by 23 basis points to 1.79%. Bond yields move in the opposite direction of prices.