Italian borrowing costs rose Friday morning as concerns grow over the country's ability to deal with the economic shock from the pandemic.
Italy is among the top three nations worldwide with the highest number of infections and deaths from Covid-19. In addition to the health crisis,given that its large public debt pile is likely to increase further with the ongoing virus. The nation has been in lockdown since early March, meaning most of its business activity has stalled since then, and there is no clear idea when the Italian economy will reopen fully.
The yield on the 10-year Italian bond rose to 2.101% shortly after markets opened in Europe, from below 2% at Thursday's close. The benchmark has been volatile over the last month or so, recording a yield at around 1.2% on March 26.over what sort of financial aid will be made available to countries severely hit by the coronavirus.The 27 heads of state decided Thursday evening to develop a "Recovery Fund" to support governments with limited fiscal space.
The European Commission, the executive arm of the EU, has been tasked to present an idea for the Recovery Fund by early May."Italy should be quite happy that the overall direction is moving in the way of substantial support down the road even if of course, this is Europe , details take quite some time," Holger Schmieding, chief economist at Berenberg, told CNBC's "Squawk Box Europe" Friday.
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