France’s borrowing costs have converged with Spain’s as investors worry about Paris’s ability to close its yawning budget deficit.
France’s 10-year bond yields moved to their highest level relative to Spain’s since the 2008 financial crisis, at 2.95 per cent and 2.96 per cent respectively, amid investor concerns about rising political and economic risk in France, even as its southern neighbour focuses more on fiscal consolidation.
Meanwhile, the gap between French and German 10-year borrowing costs — seen as a barometer for the risk of holding France’s debt — has reached its highest level in seven weeks. On Monday it rose to 0.79 percentage points, up from 0.71 percentage points at the start of September.
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