No change is expected for the rated State loans

Jean-Claude Trichet did not transfer. Accused of lack of clarity, the President of the European Central Bank (ECB) would not admit the issuing Institute was doing everything in its power to support the Greece. The Central Bank is not for a particular country. This is essentially the message hammered since the beginning of the Greek crisis. Yet, the ECB declined indeed on its reform of the rules of the "collateral" project, which was threatening to stopping a little more Greek State bonds.

Loans issued by the Hellenic Republic are eligible for refinancing operations, the same as the German debt and other sovereign obligations of the Member countries. Banks can exchange this "collateral" for cash to the ECB. However, when market conditions had improved, Jean-Claude Trichet had suggested that changes would soon be announced, to more finely prioritize risk between different assets. Everyone understood that a slight discount would be applied to Greek to other sovereign obligations paper, to more accurately reflect the situation. But, yesterday, the institut d ' émission was volte: "no changes will be made to the schema in place for the instruments of debt of Governments ...". "rated BBB and BBB-", indicated the release of the ECB. No change is expected for the rated State loans.

This is the second time this year that the Central Bank waives measures that could aggravate the situation of the Greece. The first time, the ECB had abandoned his project to accept new titles noted above A-to go January 2011... What could exclude all Greek State bonds.

"There is more choice"

"The decision of yesterday surprised us and shows that the ECB been a great goodwill towards the Greece," said Patrick Jacq at BNP Paribas. Despite this favourable surprise, tensions are only modestly spin-offs. The performance of the Greek 10-year loans climbed to 18 points base, 7.35 evening, reaching new peaks. In the day, the rate jumped even up to 7.51. More surprising, the 2-year performance has exceeded the long rate and near 8. The market is more concerned about the risks in the short term as on those long term. Operators noted however very important differences between the offered price and prices on Greek bonds, signs of a great uncertainty and low liquidity: indeed, when the price range is large, this means that buyers and the sellers fail to agree.

CDS (credit default swap"), indicating the market price to protect themselves against a possible default or a fall of price obligations, flew to his earlier historical, 467 basis points. The day before on this scale of the risk the Greece went to the Iceland. "In the morning, the nervousness has also been fuelled by rumours that the ECB could restore the refinancing operations in six months, what would have been a very negative signal", explains Guillaume Baron, in Société Générale. "Now, the market expects that the assistance to the Greece plan is triggered, there is more choice," continues the strategist. Greek bonds are retreating almost uninterruptedly since 29 March, making it more difficult for the Government to the possibility to issue debt to meet the deadlines of the month of May. The use of the solution of last resort becomes more and more credible.