Itay seeks bigger fund....After tough debt sales
Yes, Xmas it is; yes, New Year is approaching, yet we do not see much will change.
Italian 10 year bond sell at 6.98%, not really far from their record high of 7.56% one month ago.
I will say it s more like indication than a problem for this on-going crisis. As mentioned before, ECB would like to drive down the rate with the massive funding into the national banking sectors, encouraging them to purchase their national bond. Yet, longer maturity bonds are out of the range of this fire power. This auction rate still tell these national government:
義大利今天的公債標售並沒有想像中好的利率: 跟昨天的新聞不同的是: 昨天標售的是較短年期的債券;而今天標售的是十年期債券.
"Hey, uncertainty is high and we still ask for decent return to justify our bid on such risks"
What uncertainty we talks about now?
Whether technocrats can contruct a sensible national budget, with revision of some key domestic policies: such as tax system and pension plans?
Whether EU is going to achieve a concensus on fiscal policies and fiscal union, and going to form a new treaty on that?
市場仍然觀望, 這些不確定性: 包括未來義大利政府是否能夠成功的扭轉國家政策, 以及歐盟當局是否將財政紀律明文化
In this festiva mood, the true difficulty of European debt crisis just about to start, not even close to end.
在節慶的氣氛中, 歐債真正的處置真正開始, 離結束還有一段遙遠的距離.
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