Cyprus flirts with bailout buster as periphery rockets

Eurozone periphery sovereigns proved that a sell-off of their debt two weeks ago was merely a blip in their hot streak since the turn of the year, as Italy – fresh with a strong mandate for its reformist government, led by Matteo Renzi, in last week’s European Parliament elections – crunched down its funding costs to record lows at auction, while Cyprus sounded out banks for a syndication in what would be the quickest turnaround of any of the bailed-out sovereigns. Craig McGlashan reports.