The EUR / USD started the week on a bearish gap before losing ground to score the lowest in two years. The explosion of the 10-year rate of Spain has literally put a damper on the market while Greece also brought her to the building.
This morning we learned that the regions of Murcia in Spain had followed suit in Andalusia who had demanded access to the relief fund of 18 billion that the government has put in place to prevent the defect regions that have more access to debt markets. El Pais also reports that five other areas could in turn ask for help. On the other hand, El Pais reveals that it would be over $ 140 billion of bad debts that would be based in the Spanish bank computers ... More than 100 billion that the eurozone looks set to put on the table ...
Spaniards tended yields sharply following this scuffle at the gate of the Government Rajoy and 10-year rate reached a record 7.70%, an increase of over 40 bps in one morning ... The Italian rate, after resisting a time, also gave little push in the market and exceeded 6.30%. And about the Guindos there doing nothing. The latter assured the sidelines of a conference on the bank bailout that the Spanish government would not seek assistance plan. Meanwhile, Wolfgang Schauble painted a rosy picture of the Spanish economy by comparing it to Greece ... It is not hard to beat Greece in effect.
The article in Der Spiegel also put fire to the powder as the latter said sources close to the EU and the IMF would not participate in a new aid package to Greece ... also participated in this new escalation of tension on the Eurozone markets that leave decidedly no respite. The IMF said it continued to provide support for the Greek economy, announcing at the same time a return of the Troika in the country tomorrow.
Greece has also made about her by the voice of the leader of Syriza prompting the government to Samaras break off negotiations with the Troika as he considers that the aid package is already bankrupt. Alexis announces Tsapras social chaos if the austerity should continue. Comments that intervened after Germany has distanced itself vis-à-vis Greece, declaring lie between hope and skepticism about the ability of Greece to honor its commitments, or find 11.7 billion economy over two years. Germany has again reiterated its intransigence.
Note also that the Bundesbank expressed its "concern" about the economic uncertainty due to the crisis. The Buba has nevertheless left its outlook unchanged at 1% growth for 2012 in its monthly report.
Finally, as a confession of weakness, Italy has banned the bearish speculation on banking stocks until the end of the week while Spain has simply banned short selling for three months.
European markets clôturaient therefore all in the red today and Wall Street opened down. From a graphical perspective, note that rebound late in the day that we will on behalf of the traders' fear of heights, approaching an important support: the famous 1.20 Dollar while we were at 1.45 early summer 2011 ...
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