Spreads at six-month lows. In fact, the Btp-Bund spread falls below the fateful threshold of 325 points and currently stands at 317 points, the minimum level since last April, with the yield on the ten-year Btp falling to 4,82%, the lowest since March. The Bonos-Bund spread also performed well, dropping to 394 points.
While Germany proves open to aid in Madrid, and the opening of a 50 billion euro precautionary credit line, the pressure on the government bonds of countries at risk is easing, thanks also to the failure to cut the sovereign debt rating Spanish by Moody's.
The rating agency, despite a negative outlook, in fact kept its opinion on Spain stable, avoiding the feared downgrade. But Moody's warns about the resilience of the European Union, increasingly endangered by the difficulties in the negotiations between the Troika (EU, ECB, IMF) and the Greek government.
