Italy bond yield rises back above 7% despite ECB ( 10YR_ITA 10YR_FRA 10YR_BEL 10YR_ESP ) (by William L. Watts)

FRANKFURT (MarketWatch) -- Italy's 10-year government bond yield bounced back above the 7% level Wednesday. The yield fell earlier, with several strategists reporting heavy buying of Italian debt by the European Central Bank. The 10-year yield (it:10yr_ita) rose 12 basis points to 7.04%, according to FactSet Research. Bond yields rise as prices fall. The 7% level is widely viewed as marking an unsustainable level. On Tuesday, a Europe-wide rout sent yields jumping even for triple-A rated countries such as France, Finland and the Netherlands. Other European government bond yields also pushed higher after initially declining Wednesday. France's 10-year yield (fr:10yr_fra) rose by around 4 basis points to 3.70%, while the 10-year Belgian bond yield (be:10yr_bel) rose 5 basis points to 4.90% and the Dutch 10-year yield rose 4 basis points to 2.44%. Spain's 10-year bond yield (es:10yr_esp) remained around 3 basis points lower at 6.27%.