tag:blogger.com,1999:blog-8554347448299984407.post8788485516801298893..comments2023-05-13T09:43:33.746+01:00Comments on Macronomics: Markets update - Credit - Anterograde and Retrograde amnesia.Anonymoushttp://www.blogger.com/profile/16670415818064368635noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8554347448299984407.post-88669579801073218882011-09-23T20:31:39.193+01:002011-09-23T20:31:39.193+01:00Debt to GDP levels is smaller for Spain than Italy...Debt to GDP levels is smaller for Spain than Italy and even France and Germany. Given the already massive impressive level of Debt to GDP and the outstanding debt on Italy, as well as the massive needs in refinancing in 2012 (around 16% of the stock of debt), Italy appears to be a worse risk than Spain currently. It isn't an arb but the market simply looking at debt dynamics hence the difference between both.<br />Best,<br />MartinMartinhttp://macronomy.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-8554347448299984407.post-12287153759855864712011-09-23T00:26:42.357+01:002011-09-23T00:26:42.357+01:00Great post as usual - always look forward to these...Great post as usual - always look forward to these especially after a volatile day like today.<br />Is it possible to draw any prelim conclusions from SPA continuing to tighten over ITA cds spreads? Conversely Spains 10yrs are also trading a bit better than Italy's, but I wonder why this is the case - an arb exploited by the market maybe? Seemed like in the PIIGS spain was always the bigger one:)coolstorybrohttps://www.blogger.com/profile/03063365482903199212noreply@blogger.com