Berlusconi's party says Monti deliberately rattling markets
Alfano says premier driving up spread for political gain
05 February, 14:15
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(ANSA) - Rome, February 5 - Outgoing Premier Mario Monti is
deliberately upsetting financial markets for political gain in
the national election campaign, Silvio Berlusconi's Party of
Freedom (PdL) said Tuesday."Rather than reassure markets (Monti) has raised the spread for political purposes," PdL Secretary Angelino Alfano told a press conference.
He spoke shortly after Monti, who is seeking election later this month, blamed convulsions in Italian financial markets this week on ex-premier Berlusconi's election-campaign promises.
In early trading Tuesday, the spread between the 10-year Italian bond and the German benchmark yo-yoed after climbing sharply Monday.
The spread between Italian and German bond yields - a key measure of Italy's borrowing costs and of investor confidence in the country - rose to 293 basis points, although it eased back to 287 points with a yield of 4.48%. On Monday, the spread jumped by over 20 points to close at 285 basis points while Milan's main financial market plunged by fully 4.5% in trading.
Alfano suggested that markets had previously been calm because the end of Monti's technocratic government is coming with the national elections February 24 and 25.
The latest turmoil shows that Monti has been shaking up markets for his advantage, claimed Alfano.
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