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Italian 10-year bond yield hits euro-era high

Italian 10-year bond yield hits euro-era high ( 10YR_ITA ) (by William L. Watts)

FRANKFURT (MarketWatch) -- The yield on 10-year Italian government bonds (it:10yr_ita) hit a euro-era high just below 6.40% on Thursday, analysts said. The yield remains up 22 basis points at 6.33%, according to FactSet Research data. Economists fear that if yields remain well above the 6% mark, it will prove an unsustainable level for the nation's borrowing costs. The rise comes as turmoil surrounding Greece's surprise decision to hold a referendum on its latest bailout package stirs fears of a messy default by Athens. Also, Italy's cabinet on Wednesday night failed to approve a decree on extraordinary budget measures.