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ECB’s Rescue Worsens Spain, Italy Maturity Crunch: Euro Credit

Short-term plan to give time for Spain to get new measures in place?

By Emma Charlton | Updated on August 08, 2012
Mario Draghi

Aug. 8 (Bloomberg) — European Central Bank President Mario Draghi’s bid to bring down Spanish and Italian yields may spur the nations to sell more short-dated notes, swelling the debt pile that needs refinancing in the coming years.

Yields on Italian and Spanish two-year notes plunged after Draghi said on Aug. 2 the ECB may buy debt on the “short-end of the yield curve” as part of a broader crisis-fighting plan. The gap between Spain’s two-year and 10-year yields rose on Aug. 6 to the widest in at least two decades, while the spread between similar Italian securities also approached a record.

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