Treasury prices drop on developments in Greece

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Associated Press

Posted on June 19, 2012 at 3:00 PM

Updated Tuesday, Jun 19 at 4:01 PM

NEW YORK (AP) — Treasury prices are dropping on reports that European officials may relax some lending terms for Greece.

News that Greek political parties could form a government this week also helped lure traders out of the safety of Treasurys.

In Tuesday afternoon trading, the price of the 10-year Treasury note is down 34 cents for every $100 invested. The yield rose to 1.62 percent from 1.58 percent late Monday.

A European official said Tuesday that the terms of Greece's bailout loans needed to be renegotiated. Other reports said German government officials were considering giving the new government more time to meet budget targets required by international lenders.

In other Treasury trading, the price of the 30-year bond fell $1.31. Its yield jumped to 2.72 percent from 2.67 percent Monday.

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