Mercoledì, 17 Ottobre 2018

Spread would be 1,200 under Berlusconi, says Monti


(ANSA) - Rome, August 7 - Italian Premier Mario Monti has
said he believes the spread between 10-year Italian bonds and
the German benchmark would be around 1,200, almost three times
the current level, if Silvio Berlusconi's government were still
in power.
"I think that if the previous government were still in
power, Italy's spreads would now be at 1200 or something," Monti
told The Wall Street Journal in an interview given last month
but published on the newspaper's website on Tuesday.
The spread was close to 447 points at 12:47 local time
Former European commissioner Monti stepped in to head an
emergency government of non-political technocrats after growing
market pressure forced Berlusconi to quit as premier in
The comments drew an angry reaction from Berlusconi's
People of Freedom (PdL) party, the biggest group in parliament
which means Monti's government needs its support to get its
measures approved.
"We understand that he might not like the fact the the
spread is going up and down during his government and this may
have upset him, but that does not justify this provocation that
is as useless as it is stupid. We return it to sender," said
Fabrizio Cicchitto, the PdL's House whip.
The premier appeared, however, to be trying to make a point
about investor perceptions that Germany would move to protect
France from getting sucked into the centre of the eurozone debt
crisis, but would not do the same for Italy under Berlusconi.
Indeed, before making the comment on what the spread would
be under Berlusconi, he said:
"Spreads are still high because our debt is objectively
very high, and markets have started realizing in a dramatic way
that eurozone governance is weak. France has done much less
reform than we have and yet its spreads are lower. I think the
reason is that people believe Germany will never let France go".

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