Markets reject Brussels pact

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The Independent Online

Financial markets gave a thumbs down yesterday to the deal agreed by European leaders in Brussels last week. Italy managed to offload €7bn in one-year bonds, but only at an unsustainably high interest rate of 6 per cent. Meanwhile, investors forced the yield on Italian 10-year bonds close to the 7 per cent mark that triggered panic last month. Spain's 10-year borrowing costs were also higher yesterday.