EXCHANGES EVER WORSE: MILAN BELOW 3%
THE DEFAULT IN ATHENS IS INCREASINGLY SCARY
Emergency. The stock exchanges are drowning under the raging sales rain. The fear that the government in Athens has not achieved the minimum objectives of fiscal consolidation, necessary to obtain the new tranche of aid from the Monetary Fund and the EU, is growing more and more. In Milan, the loss of the FtseMib index is equal to 3,02% at 14.108 points, London loses 2,8%, Paris -3,1%, Frankfurt -2,5%. Wall Street is also down with the Dow Jones and Nasdaq dropping 1,8%. The S&P500 performs worse, falling by 1,9%. Even across the Atlantic, the worsening debt situation in Europe is taking center stage. After last Friday's disappointing Ecofin, expectations have increased dramatically for the conference call, already underway, between the Greek Finance Minister, Evangelos Venizelos, and the technicians of the Monetary Fund, the European Union and the EU Commission, the so-called "troika", which must verify whether Athens "deserves" to obtain the next tranche of aid of 8 billion euros scheduled for next October. The problem is that without that money, in mid-October the Greek government's coffers will be inexorably empty and default inevitable.
GOLD RETURNS ABOVE 1.800, SILVER ABOVE 40
SAIPEM SINKS DESPITE THE NEW CONTRACTS
Uncertainty drives gold back to $1.807 from Friday's low of $1.765. Silver climbs back just above $40. The banking sector defends itself: Banco Popolare +0,5%, Bpm +0,15, Ubi +0,96% with the exception of Intesa -2,5%. Unicredit is also in negative territory (-0,42%). Massive losses for Mediaset (-4,03%) and Saipem (-4,16%), despite the signing of new contracts for the amount of 300 million. The black jersey is Pirelli (-5,51%).
