Hours of high tension on the government bond markets, mainly due to the political crisis in Greece. Mid morning the Italian spread once again moves beyond the psychological threshold of 400 basis points, reaching the maximum of the day at 403. At the closing yesterday evening the yield differential between the 10-year BTPs and the corresponding German Bunds was 391 basis points. The new layer matches interest rates on our 5,55-year bonds of XNUMX%.
The crisis in Athens could jeopardize the structural reforms to which the international aid that should save the country is subordinated. A prospect that has also caused yields to soar on Spanish and French debt securities.
The Madrid spread it widened to an even greater extent than the Italian differential, soaring by more than 20 points compared to yesterday's close and reaching a maximum for the day at an altitude of 451.
The situation in Paris is also worsening: the gap between yields on French and German 10-year bonds returned this morning a exceed the threshold of 130 points.
