Vladimír Urbánek (Kurzy.cz)
Markets  |  June 01, 2012 11:36:29

Guindos (MF Spain): The future of the euro will play next week in Spain and Italy


Spanish Finance Minister Luis de Guindos said today that the future of the euro is certainly most likely in the next few weeks in Spain and Italy. Guindos address on record outflow from the country said he did not know whether his country on the brink of the abyss, but in any case be located in a really very difficult situation. In his opinion, it will be Spain and Italy, where the decisive battle will bring about further continuance of the single European currency.

According to statistics from the March of Spain flowed in net funds in the amount of 66.2 mld.EUR. During Q1 of this year, a total of 97 mld.EUR. The vast majority of this volume represent a bank or large transactions, only 1% of said volume are responsible for individual investors.Spanish banks are under Guindose big problems with financing through the financial markets and are increasingly dependent on the resources of the ECB.

Foreign investors in late April kept 37% of the Spanish government bonds. At the beginning of the year it was around 50%. Spanish banks, however, raised the Spanish government bonds held from 17 to 29%

Yield 10-year Spanish government bonds rose this morning at 6.54%. The existing historical record is at 6.78% from November last year. For comparison, a similar German bond yield and the level of only 1.189%, the yield of a two-year period is even negative.

According Guindose is needed to overcome the crisis further integration towards the euro area banking union. Spain will support efforts for its attainment. Guindos also said that in the coming days or weeks expects to announce concrete steps towards this direction.

Guindos, among others, expressed the conviction that the Greek elections scheduled for 17 June will bring pro-European government able to meet the previously negotiated terms of assistance. Such a scenario would, according to him was to reduce pressure on the Spanish government bonds and the whole Spanish financial system.
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Guindos (MF Spain): O budoucnost eura se bude hrát příští týdny ve Španělsku a Itálii

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