New stormy day for Greece in the markets after the news
arrived yesterday, including a possible flight of capital by owners
accounts in the major institutions of the country, which would transfer
substantial funds abroad.

According to some reconstructions of the press so they would be
required to access the residual resources of a support fund
created in 2008. For the Country Greek looming further revisions
in the worst budget deficit in 2009, although the government has
ensured that the objectives of the 2010 sanitation are confirmed.
Clearly, further embarrassment by Jean-Claude Trichet expressed in what is
was a press conference of the Bank
European Central unusually bright tones.

The Greek government bond yields was ten years
meanwhile, touched a new historic high, indicating the persistence of
strong tensions. The rate has reached a level of 7.322%, never seen
after the adoption of the euro by Athens in 2001, in a market
concerned about the ability of Greece to honor its debt .

The bond yield differential with the German State of
equal duration, which is a benchmark for the market
bond is 424 basis points, again up
adopting the euro. Concretely this means that Greece
should provide investors with an interest rate of 4.24% higher
with Germany to borrow on the market
bonds and refinance its debt.

The cost of insuring government debt has climbed to a greek
new record this morning touching 466 basis points on a credit
default swaps in five years. In practice we need $ 466,000 for
insure against the default of a bond with five years worth 10
million dollars. Eurozone only Ukraine has a higher cost
(631 bp) are growing but also Portugal and Ireland. The
Venezuela holds the world record with more than 900 basis points.

Reflecting the stock market reacted negatively.
For the Greek stock market was a new seat of passion which, while
reducing losses than half a day, left on the ground
more than 3 percent. The general index ended the trading day
with a -3.11%, while the FTSE Athex 20 - the basket that includes
twenty largest equity securities - has yielded 3.92%. Under
pressure lenders: -8% for EFG Eurobank, Alpha -7.4%
Bank and -7.3% for National Bank of Greece. A trend that has weighed
on other lists
Europeans .

Exchange rate movements also euro / dollar . Final slight recovery for the euro, which has
Closed limiting the damage and a slight rise on the dollar a session
discontinuous. The slight recovery came on the words of the President
ECB, Trichet ,
that the aid plan agreed is able to operate and
then the default of Greece 'is beyond question. " In closing on
continental markets, the euro was quoted $ 1.3361 (1.3340 yesterday and
ECB 1.3296 today).

The embarrassment of
Trichet on debt and open intervention of the IMF

Clearly embarrassed, he said, for Jean-Claude Trichet during the traditional
press conference following the Governing Council rates.
The chairman of the Central Institute was asked to clarify those
that appear significant shifts compared to two questions
closely related to the Greek crisis.

He first caught the ECB's decision to accept more than
the end of the year titles
government debt below the level of investment , a
Decision enjoyed their first Greece. Until recently
recently, the ECB seemed determined to exclude assets from 2011
lower quality and now see the definition of a framework
total in July and decided to start penalizing these titles
debt, but only those issued by private institutions and governments.

Second hit the opening of fact made by Trichet
against an involvement of the IMF , including
aspect concerns the proper financial assistance in the rescue
Greece. If the ECB had initially shown the contrary view that
the buck should remain entirely in European hands, Trichet
now limited to stress that "the important thing is that European countries
take their responsibility, "in reference to the parameters of
Stability and Growth Pact. The involvement of the Fund is therefore
accepted by Trichet provided against a strong commitment from
European Union to implement a rescue plan as defined
"Workable", that is able to function, not exactly an endorsement
with honors.

The opening of the ECB in the IMF's involvement is likely to generate
further doubts about Europe's response (which also
Details remain vague, especially as regards the non-
negligible issue of rates for loans in Athens) and
to trigger new tensions on the debt markets. A development that
might not want to bring what Trichet: the crack
Part of Greece and the delay of the last entry in style
IMF on the European stage version of White Knight.

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