While trying to figure out if Greece will crack and exit the euro, the first estimates on Spanish banks indicate the need for fresh capital for 60-70 billion. In Spain, ECB loans to lenders jumped to a record 287,8 billion euros in May while today Prime Minister Rajoy, after the new debt downgrade by Moody's and the 6,85-year yield at a record XNUMX%, convened a crisis committee in Madrid made up of his government's economic ministers to deal with the surge in government bond yields of the country and the delicate debt situation. But even Germany is no longer an impregnable stronghold: if Pimco got rid of the bunds, the Egan Jones rating agency last Monday even downgraded the country to AA-, with a negative outlook, considering that the rising cost of bailing out peripheral European countries will increasingly weigh on the federal budget . In the morning from Berlin, in a speech to Parliament ahead of the G20, Chancellor Angela Merkel said she was in favor of "a stronger role for the ECB" in controlling banks. In Italy Banca Network has frozen its accounts and in Switzerland the Central Bank has asked Crédit Suisse to strengthen its capital. In the monthly bulletin, the ECB states that "uncertainty has grown and this weighs on confidence and affects expectations for economic growth "which remains weak" and accuses greater "downside risks" according to "the further increase in tensions in various financial markets”, in which analysts noted a “further” current and prospective deterioration of the labor market.
In this swirl of judgments and fears, the European stock exchanges moved nervously. Little comfort came from Wall Street's weak start after some disappointing macro data. But towards the end Piazza Affari kicked into gear and closed up 1,47%. Contrasted by the other European markets: Frankfurt - 0,23%, Paris +0,08%, London -0,31%, Madrid rises by 1,22%. Fly Athens +10,12%. Peripheral squares are driven by the prospect that the pro-euro party will win the day in Athens: a poll conducted secretly by Nea Dimocratia and released in Athens last night indicates that Nea Dimokratia (centre-right), led by Antonis Samaras and in favor of the Memorandum signed between Athens and international creditors, should obtain 29% of the preferences against 26% of Syriza (radical left) which intends to renegotiate the agreements. European sources said it is possible that Eurogroup ministers could hold a meeting by teleconference once the results of the vote in Greece are known.
Il exchange euro Dollar rises to 1,26 while lo Btp-bund spread closed down at 464 basis points.
Milan is driven by the banks Bpm sale by 5,23%, Unicredit by 4,83%, Mediolanum +4,45%, Bper +3,57%, Banco Popolare +3,21%. At the bottom of the Stm price list -2,05% and the luxury sector with Salvatore Ferragamo -1,05% and Tod's -0,84%. Today the president of the Chamber of Fashion Boselli declared that "to help the fashion sector we must also work on the currency parity between the euro-dollar and the euro-yen otherwise we won't go anywhere". Boselli specified that the sector “last year closed with a turnover of +5,5%. This year we would put the signing to close with a minus analogous and draw”. For Boselli, the Italian system “is plastered. The country is not growing out of the crisis, it hasn't been growing for ten years". Today then came the bankruptcy decision of the Court of Milan on the holding companies Ligresti Synergy and Imco: no more postponements, prosecutor Orsi's request has been accepted, the total debt of his holdings is around 400 million euros. Premafin, which today formalized the restructuring of its debt with the banks, closed down by 1,97%, Fonsai by 1,59%, Milano Assicurazioni by 1,16%.
