Martedì, 25 Settembre 2018

Berlusconi says spread a 'con', doesn't matter


Rome, December 11 - Ex-premier Silvio Berlusconi
said Tuesday that Italy's bond spread was a "con" and suggested
it did not matter.
The yield spread between 10-year Italian bonds and the
German is considered by experts to be a barometer of Italy's
borrowing costs and of investor faith in the country's ability
to weather the eurozone crisis.
"The spread is a con, it's an invention with which an
attempt was made to bring down the majority (in parliament) that
was voted in by the Italian people and which governed the
country," Berlusconi told one of his Mediaset TV channels.
"No one had heard of it before. It's only been talked about
for a year. What do we care about it?".
Berlusconi was forced to resign in November 2011 when
Italy's debt crisis looked in danger of spiralling out of
control after the spread hit peaks of over 500 basis points with
yields of over 7%, levels considered unsustainable in the long
The pressure on Italy's borrowing costs has eased since
Premier Mario Monti's emergency technocrat administration
replaced Berlusconi's government and passed austerity measures
to put Italy's public finances in order.
But the spread shot up by a 28 points on Monday after Monti
announced at the weekend that he would quit when the 2013 budget
law is approved.
The announcement came after Berlusconi's People of Freedom
(PdL) party said it had stopped backing Monti's administration
and the media magnate said he would run for a fourth term at the
helm of government in upcoming elections.

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