Список проголосовавших за комментарий " European Summary<p><strong>Greek 2-Year Yield Jumps Above 10%</strong></p><ul><li>European sovereign bonds are trading higher this morning as appetites grow for debt of the eurozone periphery ex-Greece. German bunds and U.K. gilts are lagging as Treasuries decline, which makes sense because the weakness in European government bonds over recent weeks did not affect Germany or the U.K. anyway. As mentioned, Greek debt is not rallying and, in fact, the Greek 2-year note yield is now above 10% after trading below 7% as recently as late January. There has been a brewing conflict between the IMF on the one hand and Greece's eurozone creditors (the European Stability Mechanism and European Financial Stability Facility) on the other. The IMF's most recent assessment of Greece's situation is that the debt burden will become explosive around 2022 and that further debt writedowns are necessary to stabilize the fiscal trajectory. Many European politicians see the IMF's participation in Greece's third bailout (this is the second review of that bailout) as a precondition for participation by the ESM and EFSF, so the IMF's concerns could be a deal-breaker. Klaus Regling, managing director of the ESM, wrote a <a href="/r.php?u=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc342c624-eeb0-11e6-ba01-119a44939bb6&s=3007492918" target="_blank">piece in the Financial Times</a> today, saying that the IMF is not taking into account the eurozone's resolve to keep Greece within the euro area. Greece's two-year note yield went as high as 37% in 2015, so 10% is not catastrophic although it does indicate that Greece's risk of default is much higher than it was three weeks ago<br/> <ul><li>The IMF projects that Greece's primary surplus will rise to only 1.5% over the long run from 1% last year. The European creditors predict a primary surplus of 3.1%, so that is the size of the disagreement. The primary surplus is the government budget surplus before interest payments and so it quantifies the Greek government's ability to pay down debt</li></ul></li><li><strong>New Issuance:</strong><ul><li>The U.K. sold GBP2.50 bln of 30-year gilts with an average yield of 1.863% with a bid-to-cover of 1.63. The auction tailed by 0.5 basis points</li></ul></li><li><strong>European Economic Data:</strong><br/> <ul><li>Germany's trade surplus narrowed more than expected to EUR18.4 bln in December from EUR21.8 bln in November. The narrowing was driven by a larger-than-expected decline in exports (3.3% m/m)</li><li>Greece's unemployment rate was steady at 23% in November</li><li>In the U.K., the RICS House Price Balance rose to 25% for January from 23% for December, slightly beating forecasts</li><li>Norway's GDP grew 1.1% q/q in the fourth quarter, beating forecasts after a 0.6% drop in Q3</li><li>Switzerland's unemployment rate remained at a seasonally adjusted 3.3% in January, as expected</li></ul></li><li><strong>Yield Check:</strong><br/> <ul><li>France, 10-yr OAT: -3 bps to 0.97%</li><li>Germany, 10-yr bund: unch at 0.30%</li><li>Greece, 10-yr note: +10 bps to 7.72%</li><li>Italy, 10-yr BTP: -6 bps to 2.19%</li><li>Portugal, 10-yr PGB: -1 bp to 4.08%</li><li>Spain, 10-yr ODE: -6 bps to 1.63%</li><li>U.K., 10-yr gilt: +1 bp to 1.23%</li></ul></li></ul>"