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Michael Probst/AP/Press Association Images

Italian borrowing rates briefly hit new record but markets are up

So what does that mean?

ITALY’S RATE OF borrowing hit a new high when the markets opened this morning before falling again as the uncertainty over the country’s economic stability continues.

The interest rate on an Italian 10-year bond hit a record 6.73 per cent but has fallen to 6.58 per cent at the time of writing. An interest rate that goes above 7 per cent is seen as unsustainable.

It comes as Italian lawmakers vote on a state financing bill today, a vote given added significance by the uncertainty in the eurozone and the future of prime minister Silvio Berlusconi.

On the stock market there is good news with the FTSE 100 in London,the CAC 40 in Paris and the DAX in Germany all opening up over 1 per cent in early trading this morning.

Read: Berlusconi facing crucial vote as fears grow over Italy >

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