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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Keywords:
Spain and Italy's 10 year government bonds yield declined to 3.2% in April 2014, compared to 2.68% on U.S. 10 year government bonds and 1.56% for German 10 year bonds. This is a far cry from the dark days of 2012 when these yields for Italy and Spain hovered at 7-8%. Italian bonds reached a peak in Nov. 2011 of 7.408% and yields declined to 3.221% on April 8, 2014, according to Tradeweb. Spain's bonds reached a peak of 7.637% in July 2012 and declined to 3.204% on April 8, 2014.
ECB president Mario Draghi's remarks to calm financial markets on July 23, 2012 as the yield on Spain's government bonds reaches 7.5%
07/26/2012
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Mario Draghi, head of the ECB, and the eurozone crisis with Italian bond yields approaching 8% in Dec. 2011
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An improving situation after Draghi's policy statements on July 23, 2012 about the ECB's committment to the euro and reducing excessive borrowing costs of Italy and Spain.
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Spain Sale Improves Funding Prospects
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Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
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Banks in Italy are paying much higher interest rates to borrow than French or German banks leading to higher rates for small and medium sized businesses in Italy. In Italy these businesses employ about 80% of workers, in Spain which faces a similar situation the figure is about 67%. The credit squeeze is hurting the recovery.
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Merkel supports ECB president Draghi's efforts to stabilize the euro in September 2012, but navigates around Bundesbank president Weidmann's opposition to sovereign bond purchases by the ECB by saying that proper eurozone banking supervision arrangements have to be established. Merkel and finance minister Schauble insist that this will require more time beyond the Jan 1, 2013 date in the EU proposal, to be done properly.
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An account of how the ECB's Draghi struggled to ovecome opposition from the Bundesbank to his decision in July 2012 for unlimited bond purchases of sovereign bonds of Italy and Spain to reduce bond yields and borrowing rates on debt. Draghi's famous words at the time were that the ECB would take decisive action: "believe me it will be enough." To do this he had to work closely with Finance minister Schauble and chancellor Merkel of Germany to overcome opposition from German media.
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How Mario Draghi, ECB president, sees the problems in the eurozone and policy direction in 2012-2015
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A wide ranging interview with Mario Draghi by Wall Street Journal reporters Blackstone, Karnitschnig and Thomson, which gives insights on how Draghi sees solutions to the crisis in the eurozone and future policy. Draghi favors good fiscal consolidation which combines freeing up labor markets and structural changes for Italy, Spain and other southern countries, with spending reductions, and capital investment in the future as opposed to tax increases for current spending and lack of capital investment for future growth. He points out that with excessive debt to GDP ratios there is no alternative to this right kind of fiscal consolidation. The fiscal consolidation gives the structural changes time to be put in place..
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The resignations of Jurgen Stark and the ECB's purchase of sovereign bonds of Portugal, Italy and Spain
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The resignations of German representatives on the ECB Executive Board, Axel Weber and Jurgen Stark, over ECB purchases of sovereign bonds. Concern about political risk and financial risk and exceeding the ECB's charter. The need for the governments to assume the critical role of far-reaching reforms of the mechanism for decisions and sanctions.
Grouped Articles
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New York Times 06/10/2013
Europe Bonds May Offer More Value
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Wall Street Journal 04/09/2014
As Bond Markets Twist, Investors Shout
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Bond yields for Spanish government bonds in 2011-2014.
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The Draghi Miracle (1)- Italy's and Spain's government bonds within a percentage point of 10 year U.S. Treasury bonds at 2.68% and within 2 points of German bonds at 1.56% in April 2014
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The success of Draghi's effort to lower yields of government bonds of Italy and Spain is seen by April 2014, a condition for recovery programs to work in the two key eurozone countries. The stronger euro has given investors higher yields compared to U.S. Treasury debt. Draghi shows exceptional leadership in the eurozone crisis, and is able to deftly address opposition from the Bundesbank's Jens Weidmann.
Grouped Articles
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
As Bond Markets Twist, Investors Shout
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