Yields on long-dated U.K., German and French government bonds rose to multi-year highs as investors weighed the impact of rising debt levels and political instability.

U.K. 30-year government-bond yields hit their highest level since 1998 in morning trading on Tuesday, German 30-year yields reached their highest level since 2011 and French 30-year yields rose to their highest since 2009.

The rise in borrowing costs comes amid concerns that plans for increased defense spending in Europe and infrastructure spending in Germany will cause public debt to rise at a time when the regional economy is weak. As a result, investors are demanding a higher premium to buy long-dated bonds.

Meanwhile, deteriorating public finances in France are causing political fragmentation. Prime Minister Francois Bayrou isn’t expected to survive a confidence vote as he tries to push through the equivalent of $51 billion in budget cuts to curb a deficit that reached 5.8% of GDP last year.

In the U.K., there are additional concerns about high levels of inflation that could prevent the Bank of England from cutting interest rates further in order to stimulate a weak economy.

“We’re seeing a slow-moving vicious circle: rising debt concerns push yields higher, worsening debt dynamics, which in turn push yields higher again,” Deutsche Bank Research analysts said in a note.