Mayor of Milan Giuseppe Sala addresses the media after a ceremony to draw an Italian flag to half mast as mayors across Italy stand in silence to honour the country's dead due to coronavirus disease , in Milan, Italy, March 31, 2020.
For countries like Germany, whose borrowings are less than 60% of GDP, the hit is manageable. But for Italy, whose debt UniCredit estimates could approach 170% of GDP this year, the crisis revives long-running doubts about its financial viability. That could send investors running for the hills, raising new questions about the euro zone’s future.The ECB has already announced plans to buy bonds worth up to 750 billion euros, potentially taking this year’s total purchases to 1.1 trillion euros.
The EIB’s borrowing is backed by 71 billion euros of capital and reserves, plus 222 billion euros of additional capital that it can call on from European states. The institution raises about 60 billion euros a year, but that limit could be increased. With an extra 25 billion euros the EIB could create a fund to back loan guarantees of up to 200 billion euros, President Werner Hoyer has privately told European finance ministers.
Breakingviews peter_tl LJucca NO, NEVER. : again : 1 DM was 10, then 100, then 1000 ITL. Nobody will ever educate Italy and others on the value of money. Below my screen's foot sits a 5 B Mark note - to remind me.
Breakingviews peter_tl LJucca NO.
Breakingviews peter_tl LJucca Nonsense. There is no need for coronabonds other than the eternal need of the indebted southern EU countries to spread their debt across the others. They have zero refinancing problems due to the ECB. They need to reform before Eurobonds are possible.
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