The specter of a piloted Greek default sends Greek government bonds sinking. The spread between 2052-year bonds and German Bunds reached 173 points, widening by a further 1999 basis points, a level never seen since the introduction of the euro in 21,08. Greek bonds thus returned 1,73%. , while the German ten-year debt, supported by the purchases of those seeking a safe haven against the crisis in the euro area, yields XNUMX%.
But it is on two-year maturities that even more impressive returns are recorded: due to the fear of short-term insolvency, investors have sold shares with full hands, bringing down the price and bringing returns to an all-time record of 63,17%. To put pressure on investors are the continuing divisions of Europe and the statements coming from various members of the government in Berlin, which have opened up the option of an orderly bankruptcy.
On the other hand, 50% of Germans do not want Greece to continue to be financed and prefer the default hypothesis. The EU is quick to correct the shot: the default scenario is not on the agenda, the Commission "is not working" on this hypothesis, says Amadeu Altafaj, spokesman for the commissioner for economic and monetary affairs, Olli Rehn. a matter of political commitment – he concludes – assumed towards Athens”.
The EU-ECB and IMF Troika are in fact working with Athens to verify compliance with the conditions for the next tranche of the loan and could return to Athens in the next few days and complete their work by September. On the table is the identification of new interventions to close the holes that emerged in the public accounts in 2011 and 2012 with respect to the agreed objectives: if positive, the next tranche of aid could arrive in time to avoid Athens' insolvency.
