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updated: 7/5/2011 2:41 PM

Treasury prices rise on return of Greece worries

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Associated Press

NEW YORK -- U.S. government debt was back in favor after worries over European debt resurfaced with a warning about Greece's rescue package from a credit agency.

Traders sold Treasurys last week as Greece passed bills that would give it access to emergency funds needed to avoid a default.

Standard & Poor's warned Monday that Greece would be considered to be in default if banks rolled over their holdings in the country's debt as proposed recently. The proposal was part of a French plan to resolve Greece's debt crisis.

The price of the benchmark 10-year Treasury note rose 50 cents Tuesday for every $100 invested. Its yield fell to 3.13 percent from 3.19 percent late Friday. Bond yields rise when their prices fall.

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