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Greece infects Portugal. Lisbon 5-year bonds fly to 21%

The renewed tensions on Greece to push bond yields Portuguese. While those of Italy and Spain, thanks to the impetus provided by the ECB liquidity, remain well below their peaks a month ago. That leaves suggest that virus, after Athens, can infect Lisbon, a trader says. Moreover, looking at what is happening in the financial halls, the numbers are moving in this direction.

The BTP auction today was not brilliant on the demand, but has allowed Italy to refinance 7.5 billion at rates, over the medium term, much lower than a month ago.

While Portugal has broken new records upward. Today, in fact, the spread between the Portuguese and the German bond has updated its all-time high. The gap between the two titles has grown to 1,420 points and performance of the ten-year lusitanian bond has jumped to a record of 16.07%. The five-year bond yield jumped to 21.61%. Also soaring credit default swaps (insurance policies covering the risk of insolvency) of the country. According to data from CMA, the cost of insuring $ 10 million in sovereign debt Lusitanian for the next five years jumped to 3.95 million U.S. dollars, payable in advance, plus another 100 thousand dollars to pay annually.

"The pressure on bond yields in Portugal (after the Greek with the bonds maturing in March  traveling on a theoretical 1100%) – explain the operations rooms – stems from concerns about a loss to Greece in the negotiations on the restructuring of sovereign debt ' .
Fears revived by the German proposal to commission Greece. Proposal that is fueling the conflicts within the European Union. Put Athens under the protection of the EU is unacceptable. Jean-Claude Juncker, president of the Eurogroup, said. "I am strongly opposed to – say – the idea of ​​imposing a receivership aimed only to Greece. It is not acceptable. " Berlin does not trust greek commitment to implement reforms, especially in view of forthcoming elections in Greece and has asked for this kind to commission the government of Athens. Fierce resistance even by the Greeks.

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