France's 10-year bond yield tops 5%, a 24-year high, as unrest meets budget worries
France's cost of borrowing for ten years has crossed 5% for the first time since 2002. The number says as much about politics and a stalled budget as it does about bonds.
When a government wants to spend more than it collects, it sells bonds. Investors lend the money and, in return, collect interest. The 10-year yield is the annual return buyers demand to hold a country's 10-year bond, so a rising yield means that country is paying more to borrow.
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