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Govt Crisis Sends French Bond Yields Above Italy's For First Time In EU History For the first time since the euro-zone's inception, French 10Y borrowing costs exceeded those of Italy as investors anxious amid the ongoing dysphoria over budget deficits and debt piles. As Bloomberg reports, for market veterans, it's a remarkable development given lower-rated Italy was for years the region's poster-child for fiscal profligacy. Now it's France that's worrying investors over the size of its deficit, with Prime Minister Francois Bayrou set to resign later Tuesday after losing a confidence vote. “Expectations for a speedy resolution to France's political and fiscal woes are likely to remain constrained,” said Sam Hill, head of markets insights at Lloyds. Its bonds will remain sensitive to broader market concern over budget deficits and debt piles, he added. Bayrou's successor will need to find a way to pass a budget in a splintered parliament, an exercise that's toppled the last two prim...

Lloyds, NatWest and Barclays made £30 billion between them last year by exploiting the gap between the rates for savers and borrowers, City experts say....