イタリアの理由

Repeated from the German "cold water" The European Union of 26 with (EU) for a summit meeting "expectations" have diminished, but has become less likelihood of disappointment, concern the market has a growing fear political have been moved to Italy.

The only country much larger than the Greek economy, if a serious debt problem, a remedy that is currently expected that it will become insufficient. Be able to maintain a sense of hope for the future concrete measures 決Marazu summit, also wary of the market potential for the strong yen and falling stock chain / weak dollar is strong.

Italy is third largest economy in the euro area. Gross domestic product (GDP) is approximately seven times in Greece. Euro zone government bond market has the largest public debt amounts to 1.8 trillion euros. Of GDP is equivalent to 120% in developed countries, Japan (200 percent), which is second only in size. Support buying government bonds despite ECB, the market has been targeted in the refinancing of debt maturities over three years to celebrate the country, because it is necessary to issue bonds of about 6,000 billion euros.

It is urgent that the formulation of fiscal measures, in cabinet meeting on May 24, the Northern Alliance opposition coalition Crossed raising the age at which pension pillar of economic reform agreed Matomaranakatta. Coalition on June 25, but agreed to economic reforms, the Northern Alliance is opposed to raising the age at pension still has cracks in the coalition. Bossi of the Northern Alliance leader told reporters, he said showed the collapse of the government could call for reforms over the EU. Greece is still smoldering issue in the Italian market power in meditation is "the focus has moved to Italy" (foreign securities trader) has been intensified with the voice.

Assumes that the measures the EU crisis summit, but only the Greek debt problem. Once the target market to sell Italian government bonds, bank capital was aggravated, 440 billion euros ($ 600 billion) European Financial Stability Facility (EFSF) with greater potential enhancements sorry. Italian 10-year bond yield is 5.96% of the flat 25 the previous day. 7% margin is said to accelerate the turning point is not only selling, the market is growing anxiety.

Small traders said the Nikkei average. Emerged in positive territory but buying a temporary observation of public funds, the upside is heavy. TSE is a trade turnover of 1 trillion yen, but thin cracks and continue to stop selling of European money market sources said. "Sell-off of risk that remains once one becomes difficult even to maintain the $ 80 you can spill over to the Italian debt problem. It may be necessary to find the other pillars of fiscal consolidation if the pension reform is difficult" (Hiroyuki Fukunaga, CEO, Invest in last.) Because the expansion of the European debt problems can cause a chain of high risk due to falling stock prices and the yen off buying shares aggressively to slow Japan's exports.