European bond yields continue to rise as investors push for higher premiums to buy European debt. Greece's bond yields have been on the rise for some time, but now Italy's 10-year bond yields have broken through the 7 percent mark which has long been considered the upper limit on long-term sustainability.
At the same time, yields on bonds issued by France, the Netherlands, and Austria are also on the rise and this has prompted French officials to call for intervention by the European Central Bank to help keep yields from rising.
"The ECB's role is to ensure the stability of the euro, but also the financial stability of Europe. We trust that the ECB will take the necessary measures to ensure financial stability in Europe," government spokeswoman Valerie Pecresse said after a cabinet meeting in Paris.