BoI’s Saccomanni: No Immediate Impact Of Italian Yields Rise

PARIS – The rise in Italian bond yields will not immediately affect
Italy because of the relatively long average maturity of the public
debt, Bank of Italian Director General Fabrizio Saccomanni said Tuesday.

Referring to the recent rise in 10-year Italian yields above 7%,
Saccomanni said, “There is no point of no return.” Rates would have to
remain at that level for a considerable period before having an impact,
he told reporters here.

In purchasing Italian debt, the European Central Bank is not
targeting a particular level of borrowing rates, but rather seeking to
address market tensions and distortions, he explained.

[TOPICS: M$I$$$,M$$EC$,MT$$$$,M$X$$$]