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MARKETS - Alarm government accounts in the ECB. Rising rates in Italy

Moody's, dopo la Grecia declassa anche la Spagna

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Dopo la Grecia , ieri è stata la Spagna a dover subire un de­classamento del rating. Ma le brutte notizie non riguardano solo Ma­drid: la Bce ha lanciato un allarme sul­la tenuta dei conti pubblici in molti pa­esi della Ue e si è detta seriamente pre­occupata dall'andamento dell'inflazio­ne che a breve (nella prima settimana di aprile) dovrebbe condurre a un au­mento dei tassi. Aumento dei tassi che nel frattempo sta già avvenendo: nel­l'asta di ieri dei Btp a un anno è stata di nuovo varcata la soglia del 2%. E, sempre in Italia, ieri l'Istat ha annun­ciato una forte diminuzione della pro­duzione industry in January and the Confederation of launched a cry of pain on the price and the recovery that has no consistency. All this could not but reflect on the progress of grants that have been in a very bad day with all the indexes that have suffered serious losses, often exceeding 1, 5%.

We start from Moody's decided to lower a "notch", the sovereign rating of Spain, "Aa2" against "Aa1" than before. For more with negative outlook. In a press release. Moodv s gives two reasons for its decision: first place his feeling that the potential cost of restructuring Banking exceed current estimates of the government, leading to a further increase in the rate of public debt; The second reason is "the outstanding concerns of Moody's on the ability of the English Government to obtain the necessary structural improvement and sustainable public finances, given the limitations of central government control on the finances of the regional governments and the context of only moderate economic growth in the short and medium term. "

The Moody's announcement comes the same day that the Bank of Spain was to communicate the funding needs of banks to meet the changing needs of institutions in terms of solvency. Of the total, the figures diverge: the government estimate (20 billion euro is considered too optimistic market. Whose ratings rise to 50 billion euro. Elena Salgado, Minister of Economy said the net as divergence "the rating agency, explaining that the restructuring of the banking sector will not tax debts of the state as provided by the rating agency.

If Spain cries, the whole of Europe does not laugh." policies and current programs "provided by the governments of the Eurozone for the return of public accounts 'of concern' è scritto nel Bollettino mensile di marzo della Bce pubblicato ieri. E questo perché alcuni paesi hanno perso l'occasione di avviare il riequilibrio dei conti già nel 2010 in presenza di un contesto macroeconomico più favorevole del previsto.» Questo significa che occorre­rà intensificare notevolmente l'azione di risanamento per arrivare alla corre­zione dei disavanzi eccessivi (...) in questo periodo di grande incertezza, i governi non hanno ancora dimostrato in modo convincente l'affidabilità del loro impegno a risanare i conti pubbli­ci, che richiede un rigoroso rispetto dei termini e degli obiettivi fissati nel­l'ambito delle procedure per deficit eccessivo». E '"fundamental" that the Government will continue on the road to recovery and should be undertaken structural reforms, starting with the areas of pensions and health, to "strengthen the potential for growth, competitiveness and flexibility in it" and the market work by enhancing wage flexibility and employment incentives, and removal of market rigidities. " And inflation is the ECB update the forecast in December and says that growth will average 2.3% this year and not more del1'1, 8%, while GDP growth forecasts have been revised rise and move in a range between 1, 3% and 2.1%.

But where there is growth? For Italy it's hard, Giampaolo Galli said yesterday in a hearing in camera. For the Director General of Confindustria, if the oil will settle around $ 115 a barrel in the next two years the GDP will grow by 0.7% less than expected. For Galli "the recessionary effects arising from increases in raw materials may be exacerbated by increases in interest rates announced by monetary authorities, and the resulting exchange rate appreciation of the euro."

And, by the increase in rates, the bad news is that those on Btp annual auction in Italy yesterday have paid more than 2% interest. In the coming months, the Italian public debt burden will be heavier and have convinced many analysts (including on "recommendations" of the ECB) will be launched before the summer that a new corrective action. Especially if growth will remain sluggish, as evidenced by the Istat data on industrial production in January. A depressed stock markets, in addition to Libya, yesterday were the data on initial claims for unemployment benefits edged up by 4.3% in a week just below the threshold of 400 000 applications. There is fear that the strong recovery dell'occupazione in feb­braio possa già essersi esaurita.

MARCEGAGLIA • Ruggisce ma perde in casa

Assumo 250 giovani e li pago 1.700 euro netti al mese. E poi dicono che la presi­dente di Confindustria Emma Marcegaglia non è un'imprenditrice democratica. Il sogno è durato poche settimane, poi la realtà è venuta a galla con prepotenza: gli assunti saranno 200, una parte lavorerà su 10 turni settimanali e una parte sarà costretta a fare 26 ore di straordinari al mese. I primi guadagneranno 960 euro netti al mese, i secondi 1.150. Lo denuncia Mirco Rota, segretario della Fiom lom­barda. Emma Marcegaglia usa gli stessi Marchionne of blackmail with the trade unions and workers: either vote yes or no will do new hires. Based on this diktat, and with the active support of the FIM, which has come to organize a separate meeting to persuade workers to agree to support the hypothesis, was held yesterday at Lecco Marcegaglia of a referendum, considered illegal by the Fiom , where you were just 51 out of 123 claimants. 9 are not and, importantly, only 50% went to the polls. Morale, the quorum was not reached and the referendum "is void."