Greek bond yields soar as deficit climbs above 10% of GDP

Greek bond yields rose sharply again today as the country's fiscal situation was revealed to be more precarious than feared.

According to Eurostat, the European statistical agency, Greek debt to GDP was 10.5% at the end of 2010, ahead of previous estimates of 9.6%. Eurostat also had the UK's government deficit to GDP at 10.4%, the third highest in Europe behind Greece and Ireland, where the deficit to GDP came in at 32.4%. In response to the data, yields on Greek debt soared, with ten-year government bonds hitting a peak of 15.51%, up 0.44% on the day.