Italie, au secours !

Vraiment, ça ne va pas bien pour l’Italie, 8 % pour des bonds de 3 ans, on s’approche drôlement de l’insolvabilité avec de tels taux d’intérêt.

Cause principale : l’État providence.

Facile de promette n’importe quoi, en empruntant constamment, un jour la dure vérité nous revient, en passant, eux aussi des régimes de prestations déterminées, il y a une petite différence, ils les ont accordés aussi bien au privé qu’au public, pour avoir une équité de distribution de richesse.

Alors, on obtient:

Insolvabilité (public) + Insolvabilité (privé) = INSOLVABILITÉ (en plus gros)

Extrait de: Italian bond yields rise above 8%, By Richard Milne, FT, November 25, 2011

Bond yields on short-term Italian debt rose above 8 per cent on Friday as Rome was forced to pay euro-era high interest rates in what analysts called an “awful” auction.

A peak of 8.13 per cent was reached on three-year bonds, according to Reuters data, as Italian debt traded deeper into territory associated with bail-outs of Greece, Portugal and Ireland in the past 18 months.

Bunds get caught in stampede for the exit

Italy raised its targeted €10bn in an auction of two-year bonds and six-month bills but at sharply higher yields.

“Rates have skyrocketed. It’s simply not sustainable in the long run,” said Marc Ostwald, strategist at Monument Securities in London.

Investors demanded a yield of 7.81 per cent for the two-year bond, up from 4.63 per cent last month. The six-month bills saw yields of 6.50 per cent, up from 3.54 per cent. That was significantly higher than Greece paid for six-month money earlier this month when it issued bills at 4.89 per cent.

That means both Rome and Madrid have paid more than Athens for short-term debt this week.

Padhraic Garvey, interest rate strategist at ING in Amsterdam, said: “It’s not great, to be honest, not in good shape at all ... The pricing is awful.”

So-called “real money” managers – including pension funds and insurers – as well as banks have already begun offloading their holdings of “peripheral” European debt. There are fears that the contagion could spread to “core” European countries such as France and even Germany.

In what has been another terrible week in eurozone bond markets, Belgium saw its benchmark 10-year yields rise by more than a percentage point. They ended on Friday at 5.85 per cent, up from 4.79 per cent on Monday, as markets fret about the continued lack of a government in the country.

German 10-year yields rose again following Wednesday’s poor auction that saw fears Berlin was being sucked into the crisis. But German yields, which briefly exceeded those of UK Gilts on Thursday, are lower again than those of the UK after 10-year Gilts shot up by 14 basis points to 2.32 per cent on Friday.

The European Central Bank again bought Italian and Spanish debt on Friday but analysts have complained that its purchases are no longer sufficient to stem a wave of selling. Yields on the two to five-year range for Italy were 7.67-7.77 per cent in late Friday trading.

Olli Rehn, European Union economic and monetary affairs commissioner, on Friday told a hearing of the Italian parliament that contagion in the eurozone sovereign debt crisis appeared to be spreading from the periphery to core countries. He also said it was clear that electorates in Germany and elsewhere were not in favour of issuing eurobonds.

“If I put it nicely, I would say there is a variety of views and there is quite some opposition as regards eurobonds,” said Mr Rehn.

“It will take quite some effort before the German public and the public in some other member states will be convinced of the merits of eurobonds.


  1. gravatar

    # by Anonyme - 29 novembre 2011 à 08 h 20

    .. Acta Est fabula ! Ciao Moreno