''The euro is irreversible. No country will leave the euro, not even Greece”, reassured the vice president of the European Commission Viviane Reding in an interview with the BBC. But the social situation becomes more and more difficult. The country's unions have announced a general strike for tomorrow while the unemployment figure released today and referred to November is now over 20%, to 20,9%. The leaders of the three parties they support the government of Lucas Papademos they reached an agreement on all points of the programme, except for the one concerning the cut in supplementary pensions. To square the circle, the representatives of the IMF, the EU and the ECB they would have given another 15 days to Greece. But there is no confirmation from the EU Commission: the spokesman said that he has not received news of the 15-day extension that Greece allegedly obtained from the EU-ECB-IMF troika, and therefore cannot confirm the news that spread this morning. The euro is down slightly to 1,3255 against the dollar.
Waiting for the developments, profit taking has arrived in Milan (-0,53%), with Piazza Affari weighed down by banks that are traveling in negative territory also awaiting the EBA verdict which today examines the plans for capital strengthening. Europe, on the other hand, was positive: the Ftse 100 rose by 0,28%, the Dax by 0,63% and the Cac by 0,45%. The price lists, albeit cautious, expect a positive outcome on the agreement between the Troika and Athens.
Today in Brussels it meets at 18 pm onEurogroup from which, however, German sources say no decision is expected and private creditors will meet in Paris. But signals are also expected from the ECB which could decide, as already indicated in principle, to exchange the Greek bonds in its portfolio (about 50 billion euros) with other bonds issued by the EFSF state-saving fund at a price which translates into a reduction of Athens' debt of 11 billion euros. It is not certain that Mario Draghi will say too much on the subject today during the press conference that will follow the usual meeting on rates, which are however expected to be stable at 1%: in fact, the second refinancing auction for banks is already scheduled for February 1 % heading towards requests of 1000 trillion according to analysts' estimates.
After climbing back to 370 points, the Btp and bund spread it retreated again to 360 with the yield on the ten-year Italian bond down to 5,58%. The yield differential between Bonos and the Bund narrows to 331 basis points and that between French and German 93-year bonds is stable at XNUMX.
In Europe the auto sector rises after the boom in profits of Daimler. Fiat, best title of the Ftse Mib, gains 2,51%. Daimler scored in 2011 the record profits to 6 billion euros net (+28%) and turnover to 106,5 billion (+9%). Also raises for the luxury of Salvatore Ferragamo (+2,19%) and of Tod’s (+1,53%). In evidence Azimut (+1,61%) after the release of data on January inflows yesterday, which was positive for 119 million euro (of which 113 from managed savings) as well as Buzzi Unicem (+1,49%) which benefits from preliminary data released yesterday. The group closed 2011 with a turnover up 5,2% to 2,78 billion euros. Net debt fell as at 31 December 2011 to 1,14 billion from 1,26 at the end of 2010. Impregilo, on the other hand, fell (-2,44%, second worst stock on the Ftse Mib), at the center of equity movements for its control . The Gavio family, which is aiming for control of Impregilo by throwing it off the sights of its competitor Salini, has made an offer to the Benettons to take over the 31% of Igli which controls Impregilo. The Benettons would be ready to sell their stake. A2A was also negative in the aftermath of the announcement of Giuliano Zuccoli's resignation, welcomed by a sharp rise in the share.
Guide the declines of the Ftse Mib in the morning Mps which yields 4,88%. Yesterday the president of the bank and president of ABI, Giuseppe Mussari, said it is difficult to buy BTPs in the presence of EBA rules. Meanwhile, the European banking authority is expected today to conclude its analysis of the capital-strengthening plans presented by European banks. Awaited the verdict for those banks including MPS, which have chosen not to resort to capital increases but to alternative routes. Among these too Ubi (-0,61%) And Banco Popolare (0,89%). But it is the whole banking sector that is weak: Intesa sells 0,31% and Unicredit 0,45%. From Europe came the data from Credit Suisse on the fourth quarter which showed a net loss of 637 million francs (about 526 million euros) and a net profit for the year 2011 down by 62% to 1,61 billion EUR. Positive signals from the 3-month Euribor, the rate that banks apply to each other for three-month loans, which fell to 1,07%, the lowest since January 2011.
