while the debt of Great Britain reached a dangerous level.
Ambrose Evans-Pritchard - Telegraph - January 8, 2009
http://www.telegraph.co.uk/finance/financetopics/recession/4163037/Bond-scare-as-German-auction-fails-and- british-debt-hits-danger-level.html
"Fitch Ratings" (NdT.: International Agency for the Evaluation on
Bonds) issued a warning that the public debt of Great
Britain will explode 'to almost 70% of GDP by the end of next
year, surpassing Germany in the past to become one of the most'
heavily indebted states in the industrialized world.
"In terms of speed 'of aggravation of the debt, the United Kingdom
and' of far the worst club of nations with the
rating "AAA". The fiscal framework and the underlying 'terrible, "said
Brian Coulton, head of the" assessment of sovereign states "at the
credit agency.
Mr Coulton said that it would become more and more' difficult for the Member
collect enough money in the global markets of the Bonds,
pay for bailouts of banks and at the same time the large budget deficit
. The British bank rescue alone will cost '7%
of GDP.
The danger 'became very real yesterday when even
Germany not and' managed to sell for a whole battery of Securities
State its annual auction of S. Sylvester, "which marks the start of the selling season
debt. Investors have bought only two thirds of
an offer of € 6 billion of "Bund" in 10 years, leading to
consternation markets. The price of the "Bund" and '
fallen a lot, SO' performance and 'skipped of 34 basis points to 3.29%
arriving, immediately copied by the movements of securities
state of the entire Eurozone.
" It 's a very poor result ," said Marc Ostwald,
employed in "Monument Securities." (NdT.: a financial
International, which operates from the London Stock Exchange). "In 20 years
follow the shafts of the" Bund ", I can not remember that ever happened
that the Bundesbank has been left with one third of the Securities
remained in his hand."
as traders will look very carefully if the rods today
of Notes in Spain and France procederanno senza intoppi,
come nelle attese, o se, invece, il mondo stia cominciando ad assistere
ad uno "sciopero dei compratori", in quanto un diluvio di debito
di Stati sovrani allaga il mercato .
Esistono paure che la prossima crisi nel sistema finanziario globale
potrebbe consistere in una ribellione da parte dei controllori del
comparto obbligazionario , gia' preoccupati dai discorsi sulla bolla
nel loro settore. Una simile rivolta spingerebbe al rialzo i tassi di
interesse , usati per i contratti dei mutui ad interesse fisso e delle
corporate bonds from issuers. The central bank could compensate
this crisis for a certain period of time,
through direct purchase of bonds - or "printing more '
money" - but it could make for an indefinite period.
Gia 'the U.S. alone are expected to issue $ 2 trillion (NdT.: 2 000
$ billion) of debt only in the current year, and Europeans are not very
back. Italy alone should be asked to € 200 billion market, while pushing ahead
if 'the enormous amount of debt must ensure
the additional cost of the recession. Fitch Ratings said
Ireland, Greece, Holland and France have affrontare un pesante
calendario di aste, perche' obbligate dal giungere a scadenza dei
precedenti Titoli di Stato.
La Gran Bretagna e' attesa alla emissione 146 miliardi di £
(NdT.: sterline, pari a 164 miliardi €) questo anno, pari al 10 % del PIL.
Mentre la vendita di Titoli di Stato denominati "Gilt"
(NdT.: corrispondenti ai Treasuries degli Usa) per un importo totale di
2 miliardi £ (NdT.: pari a 2,24 miliardi €) e' proceduta senza intoppi
ieri, l'Ufficio per la Gestione del Debito (DMO) ha avvertito di possibili
problemi piu' avanti nel corrente anno.
Robert Stheeman, il responsabile del DMO, afferma che
the UK can 'have already' reached the limits of tolerance of
investors. "I'm not making a prediction that we will auction
failure, but I can not even leave it out. They are having to sell a large amount of debt
. We are in a different world than just
a year ago , "he told the news agency financial
Bloomberg News."
Until that Britain can maintain the long-desired
rating "AAA", it should be able to get money from
bond markets at a reasonable price, but this might not
and 'more' fully guaranteed. The agency Fitch estimates that the UK will be '
jumped from a public debt of 44% of GDP in 2007 to 68% for
latter part of 2010, a staggering increase for a major nation.
usually takes a war to produce such a disaster .
Translated by Francesco Caselli
January 9, 2009
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