Fears and nervousness on the European stock exchanges which recover from the lows but remain volatile due to Greek tensions and the difficult situation of Spanish banks (with doubtful loans rising to a new record from 94 to 148 billion). Milan turns positive at the end of the morning at +1,70% supported by bank purchases (Unicredit +4,54%, Intesa Sanpaolo +3,03%) but also on the push of some giants such as Finmeccanica +4.49% and Enel +3,20 ,2,88%. At the bottom of the list instead there are the profit taking of the luxury of Tod's -2%, Salvatore Ferragamo - 2,6% but also Pirelli -2,50% and Fiat Industrial -0,23%. In Europe the Dax +0,51% and the Cac up +0,57% moved slightly up while London lost XNUMX%.
Berlin assures Athens of its support: the government spokesman reported that in a telephone conversation with Greek President Carolos Papoulias, German Chancellor Angela Merkel assured that Germany guarantees its commitment to the country as regards the agreed aid programme. But for the first time a European official admits that the European institutions are preparing for Greece's possible exit from the euro. “A year and a half ago there was actually the risk of a domino effect. Now both in the European Commission and in the ECB there are services that are working on contingency scenarios in case Greece goes bankrupt,” European Trade Commissioner Karel De Gucht said in an interview with the Flemish newspaper De Standaard. From Brussels it is specified that this is not the scenario on which we are working. But uncertainty increases as the World Bank launches the contagion alarm for Italy and Spain in the event of Greece's exit from the euro: "the risk of contagion is high," he noted.
The Btp-bund spread after reaching an intraday peak of 456 drops to 426 while the Bonos-bund differential stands at 476 basis points. The euro recovered slightly to 1,2714 against the dollar. As the G8 begins in Camp David, we are now looking at the opening of Wall Street, where the eyes are also on the IPO of Facebook's records (and doubts).
