Новости, Экономика

25 июн 19:22
Research: Italy may be Next on the Financial Market Radar

Quotes from Societe Generale Cross Asset Research:

-Cyprus is said to have asked Russia for some financial aid and is discussing  a EUR10bn program with the EU. Italy may be next on the financial market radar. 

-Italian borrowing needs a concern. Italy has completed less than 50% of its 2012 gross issuance year-to-date. Although the Italian treasury can finance itself at a cheaper price than Spain, there is a 75% 1M correlation between 10Y Bonos and BTP yields.

-10Y peripheral yields are likely to remain high in the very short term, especially if the EU summit  does not deliver concrete measures at the end of the week. This would not be good news for Italy's access to financial markets.

-The austerity package agreed at the end of 2011 when Monti became PM is now taking its toll on the economy. Let's hope EU leaders will agree on a global growth package. Otherwise,  the Italian economic outlook will darken even more, endangering fiscal targets.

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