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Greece took another step towards financial normality this morning, selling short-term debt at the lowest interest rate since the debt crisis began four years ago.
The fifth increase in the Federal Reserve benchmark interest rate since the financial crisis will have a ripple effect on all types of consumer borrowing.
And it came after Spain's 10-year bond on Monday reached its highest interest rate since the creation of the euro currency union.
What matters for debt sustainability is the real interest rate, since what matters is keeping real debt, not nominal debt, from growing.
10.43am BST Yields hit euro-era low at Italian debt auction The Italian Treasury just sold two-year bonds at the lowest interest rate since the euro was created.
Here's the full details: New Democracy: 21.3% Syriza: 19.5% Golden Dawn: 10.4% Pasok: 6.7% Independent Greeks: 6.4% KKE: 5.8% Democratic Left: 5.1% Antarsya: 1.8% New Greece: 1% Updated at 3.43pm BST 12.47pm BST Italy sold two-year bonds at the lowest interest rate since the euro was created this morning.
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And China's central bank has not cut interest rates since July or reserve requirements since May.
Italy sold two-year bonds at the lowest interest rates since the eurozone began.
Not even the seven reductions in interest rates since June have managed to revive activity.
Years of low interest rates since the financial crisis have made corporate borrowing cheap and easy.
This year, fear easily trumped an expanding economy and the lowest interest rates since the early 1960's.
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