Protesters affiliated with the Communist party chant slogans Feb. 22, 2012, as they march through the center of Athens. Greece scrambled to push through a batch of emergency laws that will further cut incomes and state spending, a day after securing a new bailout and debt relief deal designed to stave off bankruptcy. (Associated Press)NEW YORK — Treasurys are edging higher as Greece scrambles to implement emergency budget laws required for the country to receive its latest financial rescue package.
Greece‘s coalition government is pushing through legislation that will further cut incomes and state spending. The changes were demanded by other European countries in return for a second bailout and debt relief for Greece.
Investors worry that Greece might still default, and send shock waves through markets, despite a comprehensive debt relief plan announced Tuesday.
The yield on the 10-year Treasury note fell to 2.01 percent Wednesday from 2.05 percent late Tuesday. Its price rose 43.8 cents per $100 invested.
The government sold $35 billion of five-year notes at a yield of 0.90 percent. Demand for the notes was slightly weaker than at other recent auctions.
By Dean Clancy
Budget voters are first chapter in victory over eternal budget deficits
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