It has become there Spain the fourth riskiest European country after Greece, Ireland and Portugal. Since this morning passed Italy, lo spread between Spanish Bonos and German Bunds continued to fly high. And it closed at 477, almost 15 points more than yesterday's close. The Iberian country must thank Draghi and the purchases by the ECB which brought the Madrid differential back below 500.
Spain's overtaking of Italy is partly due to the fact that the benchmark government bonds have become the 10-year bonos placed yesterday at a rate ofinterest above 7% – the record in the last 14 years. But according to analysts, the lower liquidity of the government bond market cannot be the main reason for a difference of more than 20 points with Italy (touched this morning). They talk about a error and they predict that in the next few days the Bonos-Bund spread will return to lower levels than the Italian ones.
And the differential of BTPs it closed at 466 bps. The trust that Monti has obtained today in the Chamber also seems to come from the markets. And the effect of the new premier was also reflected in Milan with the Ftse Mib, one of the few places to close positively in Europe (+0,23%)
Good day for France which has lost over 20 basis points since yesterday's close, reaching 150. However, we are still far from "optimal" spread levels (around 80 basis points) and thespread alarm continues to scare analysts.
