Day of passion on the Italian debt market. Opening the spread between 10-year BTPs and Bunds with the same maturity shot up to reach a peak of 311 basis points, a new high since June 2013. The differential widened so much because in the same minutes, on the secondary market, the Italian XNUMX-year interest rate it reached 3,56%: in this case it is the record since March 2014.
During the morning the temperature dropped slightly: the spread returned a few points below the psychological threshold of 300 basis points, stabilizing, while the yield on 10-year BTPs fell back to 3,41%, however 6,4. XNUMX% more than yesterday's close.
The trend however, it continues to rise sharply. Only yesterday the spread had closed at 284 basis points, the highest for the session and since the beginning of September, from 266 at Friday's closing and from 278 at yesterday's opening.
To feed the speculation on the Italian debt – triggered last week by the update of the Economic and Financial Document (Def), in which the Government raised the 2019 deficit/GDP project up to 2,4% – it was obviously the verbal clashes between the Italian Government and the EU institutions on the next manoeuvre.
The number one of the European Commission, Jean Claude Juncker, has come to compare our country to Greece, emphasizing that Brussels will have to be more than rigid towards Rome. The pentastellato vice premier, Luigi Di Maio, accused the European institutions of "acting terrorism" against Italy.
