#2 I wasn't able to read the original FT article either, but NYT has this:
Weak Sale of Bonds Tests GermanyÂ’s Stature in Crisis
FRANKFURT — Germany’s stature as an island of stability amid the financial chaos of the euro zone was challenged Wednesday after an auction of government bonds met slack demand, suggesting that investors are beginning to question whether there are any havens left in Europe. Analysts cautioned against reading too much into a single bond issue...About one-third of a €6 billion, or $8 billion, issue of German bonds found no buyers, twice as much unsold stock as normal, the country’s central bank reported...The sale was one of nine this year that fell short of demand, said Jörg Müller, a spokesman for the German Finance Agency, which administers bond sales. “It’s routine,” he said, adding that demand often tails off toward the end of the year. He said the excess bonds would be sold on the open market, and would not lead to any funding shortages for the government. |