Tension against Angela Merkel is growing. The German chancellor won't have many allies this weekend at Camp David, where the leaders of the Big 8 will gather to discuss the eurozone crisis. It seems that the time has come for Germany to change its attitude.
Already yesterday the British Prime Minister, David Cameron, proposed the issue of Eurobonds to return to growth, a solution which Merkel has always opposed and which would weigh heavily on the pockets of German taxpayers.
On the other hand, there is instead the proposal of the new French president François Hollande who, contrary to the excessive austerity measures praised by Merkel, is more in favor of investments for growth. In short, the German chancellor will have to use all her rhetorical skills to convince the other leaders of the effectiveness of draconian rigor.
In the meantime, however, investors are starting to sense a possible change in the future of Germany which has immediately turned into a increase in the yield of the Bund, which rose to 1,42%.
Thus the gap with the Italian BTPs and the Spanish Bonos has decreased, which had soared in the morning after the announcement of the downgrade of Moody's to 16 banks iberian. The Italian spred dropped to 434 with the yield of the ten-year BTP at 5,76%. While the Spanish one decreased to 483 bp, after having almost touched 500 in the first morning.
