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FRANKFURT (MarketWatch) -- Italian government bonds gained ground Monday, pulling the 10-year yield down, a day after Prime Minister Mario Monti unveiled additional austerity measures.
The yield on 10-year government bonds /quotes/zigman/4869096 IT:10YR_ITA -5.21% declined 9 basis points to 6.47%.
Yields fall as bond prices rise. A basis point is a hundredth of a percentage point.
Monti's cabinet approved the package of additional economic measures totaling 30 billion euros ($40.2 billion) on Sunday, news reports said. The prime minister is expected to present the plan to Italy's Parliament later Monday.
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