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Spanish 10 year sovereign debt came under pressure on Wednesday. (Chart: Bloomberg)

Investors buy German Bunds at record negative yields, amid uncertainty over Euro periphery

On Wednesday Germany again sold 2 year-Bunds at negative yields. The yield was at 0.06%. This was the lowest value ever. The yield was at 0.06%. This was the lowest value ever. At the moment these are perceived to be a safe haven in the bond market amid ongoing uncertainties in Spain and Italy.

Although Italy's Mario Monti is pushing hard, Angela Merkel does not want to give in on German key objectives for Europe such as stability and accountability. (Photo: consilium)

Merkel says European banking union is a future task, not to happen soon

German Chancellor Angela Merkel is not willing to move ahead quickly with allowing direct aid for European banks from either EFSF or ESM. Instead, she confirmed that every state will have to guarantee for its banks. This will lead to higher deficits in states where banks need to apply for money from the bailout funds.

Opel and Peugeot hit hard as European car makers report decline in sales

The branch association European Automobile Manufactures’ Association (ACEA) reported that the registration of cars has fallen by 2.8%. Countries such as Spain (-12.1%) or Italy (-24.4%) are reporting significant declines.

If Italy fails, Angela Merkel will have a lot to explain to the German public. (Photo: consilium)

Open Europe: If Italy needs a bailout, sentiment in Germany will change

Pieter Cleppe from London based think tank Open Europe expects the ESM to get started despite growing political concern in several Euro countries. However, he thinks the ESM is too small to save the Euro.

Italy appoints new finance minister to replace Monti

Italian Prime Minister Mario Monti will step down as finance minister and the current deputy minister Vittorio Grilli will take his place, the government said today. The new finance minister is an expert in privatisation and former Credit Suisse banker.