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Spanish Bond Yields Drop to 8-Month Low

Spain’s bonds rose, pushing the 10- year yield to an eight-month low, on optimism Prime Minister Mariano Rajoy will take steps to stabilize the nation’s debt, easing the euro-region’s financial crisis.

Italy’s 10-year yield tumbled to the least in almost two years as its borrowing costs dropped at an auction of about 6 billion euros ($7.8 billion) of five- and 10-year debt. Austrian and Belgian yields fell to records for a second day. German bunds slipped before U.S. Treasury SecretaryTimothy F. Geithner meets congressional leaders in an effort to avoid the so-called fiscal cliff.”

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