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Dutch Debt Auction Successful Despite Govt. Collapse

The Netherlands held a successful debt auction on Tuesday despite the collapse of the government over budget cuts a day earlier.

The Dutch State Treasury Agency raised EUR 1.995 billion from the sale of it 2- and 25-year bonds. The agency had planned proceeds between EUR 1.5 billion and EUR 2.5 billion.

The 3.75 percent July 2014 bond was placed at an average yield of 0.523 percent. The 4 percent January 2037 bond was sold at a yield of 2.782 percent.

Yesterday, the Liberals-led minority government in the Netherlands collapsed as Prime Minister Mark Rutte resigned after coalition talks on reducing the country's budget deficit to meet European guidelines failed to reach an agreement.

A parliamentary debate to discuss the political crisis, the interim budget cuts and a schedule of snap polls is expected to take place on Tuesday, and Rutte is due to address the parliament in the afternoon.

The Netherlands has been asked to submit its budget measures to the European Commission by April 30, but it is not sure if the caretaker government can pass legislation concerning European issues with the support of the opposition.

by RTTNews Staff Writer

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