Grand opening today for the Italian spread. After starting the day at 367, the yield differential between ten-year BTPs and their corresponding German Bunds plummeted to return in a few minutes below the psychological threshold of 350 basis points, to 349.
In parallel yields on our 5,51-year government bonds fell to XNUMX% from 5,613% at the end of yesterday's session, reaching levels it hadn't seen since mid-October 2011. The sharp decline seemed to confirm the trend of the last few days, which saw tensions on our public debt ease considerably.
A cool atmosphere was above all confidence in the possibilities of the Greek government to close negotiations with the parties to implement the new austerity measures requested by the troika. Only at that point will Athens be able to receive another 130 billion in international aid and save itself from the imminent uncontrolled bankruptcy.
However, the initial optimism did not last long. Shortly after 10 the spread of our country is back once again above 360 points, with 5,6-year yields back at XNUMX%.
