Periphery yields drop as auctions loom but Greek questions remain

A busy week of auctions in the eurozone periphery received the best possible start as yields fell on expectations that the European Central Bank will introduce quantitative easing to the currency bloc — sending five year Spanish yields below those of US Treasuries. But despite that sentiment also extending to Greece’s secondaries, bankers warned that the country would be foolhardy to come with a much expected deal this month.