ECONOMY

Greek bonds slide despite success of confidence motion

Greece’s bonds slid on Monday even as Prime Minister Antonis Samaras won the confidence motion he called to head off an opposition challenge.

Rates on Greece’s 10-year bonds jumped 11 basis points to 6.71 percent, ending a two-day drop.

Yields on the nation’s 10-year securities have climbed for five successive weeks after the government proposed an early exit of its international bailout and associated conditionality.

The government is battling against instability as it pushes through budget cuts in an economy suffering the effect of a six-year recession that has pushed the unemployment rate to 26.4 percent. [Bloomberg]