Greek bonds drop

Greece’s government bonds fell for a third day, pushing 10-year yields to the highest level in six weeks, amid concern the nation is seeking to become self-financing and put its budget controls at risk.  The additional yield investors demand to hold Greek 10-year securities over their German equivalents also touched a six-week high as Greece’s Development Minister Nikolaos Dendias met European Union Task Force Head Horst Reichenbach in Athens today. National governments risk complacency with borrowing costs at historic lows, according to Moritz Kraemer, chief ratings officer at Standard & Poor’s. Greek 10-year yields climbed 10 basis points, or 0.1 percentage point, to 6.17 per cent as of 10:57 a.m. London time after touching 6.21 per cent, the highest since Aug. 14. The yield fell to as low as 5.52 per cent this month after surging to a record 44.2 per cent in March 2012. The 2 per cent bond maturing in February 2024 fell 0.625, or 6.25 euros per 1,000-euro ($1,285) face amount, to 80.31, according to bloomberg.com