Spreadex Market Update
Markets begin the week down
As the week progressed it became clear that riffs are appearing between EU leaders over implementing measures that will address the Euro zone’s deepening debt problems. German Chancellor Angela Merkel continues to believe that the creation of a single bank supervisor should be a slow and steady process, while the European commission and France are of other opinions on the pace of integration.
At the same time, IMF Director Christine Lagarde kicked up the pressure on Greece by saying that a worsening economic outlook and a failure to implement structural reforms creates a financial gap which will make it more difficult for the country to service its debt. Greece is looking to finalize its budget plans by the end of the week, however it is evident that EU leaders are not impressed with developments there. Over to Spain and the on-going hesitance by the country to request a full sovereign bailout still rattles sentiment but the country continues to receive strong demand at auctions. Earlier, Spain sold EUR 3.983 billion of 3-month and 6-month treasury bills at auction, close to the upper end of the target range.
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