Public debt, the most risky Italian government bonds than those of Greece. But the overtaking lasted a few hours


Thursday 7 November, for a few hours, the debt of theItaly was considered by most markets risky than that of Greece. The yield of 10-year Greek bonds at 10, which is rapidly falling from the conservative victory Kyriakos Mitsotakis in the elections, it has in fact fallen to 1.1% while that of the Italian BTPs rose to 1.16%. The spread between ten-year Greek bonds and German Bunds has thus narrowed to less than 150 points, while the BTP-Bund spread was just over 150.

Overtaking was immediately noticed by the Financial Times which on its website has titled: "Italy most risky of Greece", highlighting how it is the first time since 2008 that the Greek bonds make so little. "The yields of both countries, which peaked during the debt crisis in euros, they remain very low by historical standards, but the rehabilitation of the Greek bond market was the most spectacular, "comments the British newspaper.

The collapse in rates affects all Eurozone countries and is linked to the ultra-expansive monetary policy of the Central European Bank ends up dragging even into negative ground government bonds of the States considered less virtuous. Those in Germany and in several Northern European countries have now been in negative territory on all deadlines, including thirty-year deadlines, for several months.


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Peter Gomez

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