Saturday, July 9, 2011

Time to start planning for the post-euro era..

Euro debt market jitters worsen

"Italy has seen a sharp rise in its 10-year cost of borrowing over the last week, rising from 4.85% to 5.3% - suggesting markets now view the country as almost as risky as recession-hit Spain, which must pay 5.65%."

Posted by uncle tom @ 08:37 AM (1311 views)
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One thought on “Time to start planning for the post-euro era..

  • Piece contains a little interesting insight into Italy’s domestic political priorities..

    Italy’s sovereign debt is at about 115% and growing at around 5% p.a. The increase in 10yr yields over the last week will soak up 1% of Italy’s tax revenues.

    With numbers like those, Italy’s politicians should be anxiously putting their house in order and reassuring the markets – but are they? – not a bit of it!

    Sorting out Greece, Ireland and Portugal is expensive, but politically possible. Spain is a much tougher problem to crack – and Italy..?

    When Italy gives up trying to balance its books, it’ll be game over for the euro – it’s looking as though they’ve effectively given up already..

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