Mistrust in Italy increases: the dam of government bonds collapses. Even Piazza Affari breaks its banks: after a positive start, the Ftse / Mib plunges into free fall: over -3%. And the resignation of Silvio BerlusconiAt this point, that's not enough. Faced with the prospect of a long electoral campaign and a government incapable of responding to EU requests, the managers are selling with both hands.
The effect of distrust on Italy is dramatically evident on government bonds. The 7,3-year BTP yield, down in early trading, shot up to XNUMX and the spread with the German Bund reaches 563 points. But the numbers are getting worse by the minute, as in the most devastating floods.
One of the most feared decisions contributes to the disaster: Clearnet, informs Reuters, announced this morning that it will raise the initial margin applied to Italian debt from 3,5 to 5 percentage points on all maturities of BTPs and BTPs depending on the duration.
Starting tomorrow, in short, those holding Italian bonds will have to pay a margin of 11,65% as a guarantee for the counterparties, against the previous 6,65%. A similar decision on margins was also made by Clearnet on the debt of Portugal and Ireland shortly after the countries asked for help from the EU.
The effects on Euroland are evident: purchases on the German Bund are back, rising to 138,2 points, while the euro is losing ground and slipping to 1,373 from 1,382 this morning against the dollar.
The Italian stock market, after a positive start, was overwhelmed by the wave of distrust. On the main Italian blue chips, sales are falling like bludgeons. Unicredit drops by 3,4% and Intesa loses 4,3%. Mediobanca falls by 4,6%.
Telecom Italia, on the eve of the board meeting, falls by 2% Eni -2%, Enel -3%, Fiat -2,8%. Among the worst, Mediaset -7,5% and Lottomatica -9,3%.
