Italy sold €9bn of six-month bills at an average rate of 3.25pc, down from euro-era highs of 6.50pc at a similar auction last month. Demand also rose, with 1.67 bidders for each bond, compared with 1.47 in November. Separately, Italy sold €1.7bn of two-year bonds at an average rate of 4.85pc, down from 7.8pc a month ago. The bid-to-cover ratio rose to 2.24, compared with 1.59 last month. The successful auctions saw yields on benchmark 10-year Italian bonds fall 22 basis points to 6.67pc. Another closely-watched sale of three, six and ten year bonds will be held on Thursday. The auction was the first since the European Central Bank (ECB) offered €489bn in cheap three year loans to eurozone banks in an attempt to prevent a full-scale credit crunch. Another day of light trading saw stock markets react positively to the sale. The FTSE Mib in Italy jumped 1.3pc to 15,113.25, while the FTSE 100 in London edged up 0.66pc at 5,548.92 on the first day of trading since the Christmas holiday.
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5 comments:
this whole hysteria is caused by those leeches in Wallstreet and the City who made a fortune by buying debt at 7% and sold unrealistically overrated CDSs.
Besides, the economic war continues if you read the comments posted on this page, since the ECB's intervention and eurozone statistics are met with sheer incredulity (as if they were somehow not inferior to what the UK does) - in moves seeking to undermine confidence in the Euro
Who bought the bonds?? What a lying, deceitful pack of people these people leading nations and institutions are. We cannot predict what will happen because nobody is obeying the rules.
A pox on their houses
Italy has the highest paid politicians and EU staff of all countries, and based only on the officially stated earnings
the country should start to visibly reduce the renumeration of these groups, may get them some goodwill in and outside of the nation
So essentially the Banks feel comfier with only making 2.5% on a six month loan after the ECB gives them half a trillion Euros to play with.
How long will the bonhomie last?......... mid-January at the latest?
Italy owes the six biggest lenders to the €urozone about 750€ bn, of which France is owed 400€ bn and Germany 165€ bn.
Not surprising that Sarkozy wants the rest of the world to chip in.
(The exposure of the UK in Italy hovers around 70€ bn and USA ca 40€ bn.)
Technocracy according to the OED is 'management of a country's industry by technical experts for the good of the community' and a technocrat is an advocate of this. That seems highly preferable, on the face of it, to management by political opportunists with zero management skills. The term doesn't imply that technocrats have any skills themselves, merely that they advocate employing them. Technical includes the arts, therefore presumably also finance since it clearly isn't a science, or if it is it's one where they keep accidentally setting fire to the lab.
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