Greece's bankruptcy is perhaps closer than ever but it scares less, much less than a few months ago. Today the danger of contagion, which fueled the fourth phase of the global crisis – that of sovereign risk and the public debt emergency of the most exposed countries – seems like a blunt weapon. The proof is being had in these hours. The postponement of the Eurogroup and Europe's intention to ask Athens for new guarantees after the rash statements of the leader of Forza Nuova, who promises to overturn the aid agreements with the international troika immediately after the next Greek general elections, did not not at all shocked the market.
Not only that, but Piazza Affari is the best stock exchange in Europe, the banks sparkle and the Btp-Bund spread is stable. By saying that Greece, if it wants to save itself, must do like Italy, certainly the German Finance Minister, the hawkish Wolfang Schaeuble, gave us a hand. Also in view of the Monti-Merkel summit on Friday in Rome. But the rain of liquidity guaranteed without limits to European banks by SuperMario Draghi was decisive in sterilizing the Greek contagion. If Greece fails, the effects on government bonds and on European banks that have Greek bonds in their stomachs would be limited and the market has now taken note of this. So, thanks to the ECB, but also thanks to Monti who is continuing on the road to reform and strengthening Italy's image on an international level, at the cost of giving up on those Olympics which were fatal for Athens. Even if the mayor of Rome Alemanno doesn't know it.
