O mercado começa a penalizar a Alemanha pelo previsível “bailout” à Grécia
Angela Merkel’s about- face on bailing out Greece is turning German bonds into a losing bet after beating Treasuries the past 18 months.
Yields on 10-year bunds rose as much as 0.24 percentage point relative to similar-maturity Treasuries since April 5 and BlackRock Inc., the world’s largest money manager, said it no longer pays to own the debt amid Europe’s fiscal crisis. Ignis Asset Management added to a bet that bunds would lag behind U.S. debt after the $61 billion rescue was announced April 11.
“The bund rally is over,” said Stuart Thomson, a money manager at Ignis in Glasgow, Scotland, who helps oversee more than $100 billion. “Greece ultimately has to default and bund yields will have to rise as Germany funds the Greek rescue over the next two to three years.”German credit risk may rise should the nation get saddled with increasing financial burdens from debt-laden neighbors (…)