Warren Buffet y Europa

En  newsneconomics, unas opiniones de Warren Buffet.

Let me cite Warren Buffet's interview with CNBC again when he said the following about euro area policy: “When you have 17 countries that all have the same currency, and the yields on their bonds are dramatically different, the situation is not solved.”


I'll say it again (some of this pricing is a couple of weeks old):

If the US States are any comparison, let’s see what a ‘divergence’ in pricing and risk should mean for a single-currency union. A AAA 10-yr Maryland municipal bond trades at 2.68%, while the worst (in pricing) of the States, Illinois, which is rated at A1/A+, trades at 3.98%. That’s a 130 bps risk premium for a 4 notch rating differential. Forget the ‘worst’ in Europe, Greece, because it’s about to go into default. Or even the next or next or next worst in European bond pricing (in order, these would be Ireland, Portugal, Spain, and Italy). But Belgium, an Aa1/AA+ country is trading at 145 bps over the AAA Germany and just one notch lower in rating, Aa2/AA+.

En EEUU, un país, una moneda, la diferencia entre la deuda de dos estados, uno de muy buena calificación, otro de muy mala, es de sólo 130 pb.
En Europa, dejando los países de la cola, Alemania y Bégica tienen una calificación diferenciada en un solo paso, (AAA y Aa1/AA+) el diferencial es de 145 pb.
Algo huele mal en el reino de... o de...
Como ven, Bélgica empieza a marcar diferencias en rendimiento de deuda.
Por cierto,

en el ft puede verse que mientras la prima de riesgo ha vuelto a sobrepasar los 400 pb, y Zp se ha ido a Doñana, Berlusconi se queda par dar una alocución al país.
"In particular, Italian debt yields have soared amid concern for its banks and finances, and the market will be keen to hear what Silvio Berlusconi, Italian prime minister, says in a speech when he addresses the crisis on Wednesday."