The ECB's message holds the risk premium but not the yield of the 10-year bond or the stock market

• A divided ECB prepares to help southern Europe and avoid a new debt crisis

launched on Wednesday

(its intention to reinvest the debt of the pandemic purchase program in the debt of southern countries and the mandate to create an anti-fragmentation system) caused a decrease yesterday in the

to 2.8%, but this Thursday morning it

The return that investors demand from a public debt security is higher the higher the

or the more

surrounds the public finances of that country, hence an increase in yield is negative from the point of view of the image of Spain and also makes this method of financing more expensive for the State.

In addition, if there is an increase in the yield required of the Spanish bond and there is no proportional increase in the yield required of its German counterpart, the bund, there is a

- which precisely measures this differential.

For the moment, however, the risk premium today falls 1.6% to

, since the

this Thursday

, to 1.83 %.

As the yield of the German bond rises more than that of the Spanish, the risk premium even falls.

There have also been increases in the interest paid by the

, which rises 3.2% to 4.36%, and in that of

, which rises 3.5% to exceed 4% .

This means that the announcement without details of the ECB

sovereign debt of southern Europe from continuing to rise, although for now there have been no new increases in the risk premium.

Different analysts already warned after the emergency meeting held by the Governing Council that the reinvestment of the profits obtained with the debt of the pandemic purchase program (PEPP)

to contain an increase in the yields of the southern debt and also warned that the

to design a new anti-fragmentation system, above all because the countries with sound finances would demand

.

Luis de Guindos

, Vice President of the

, wanted to launch a security message in an interview with the Greek media outlet

, where he said that

The members of the central bank are carrying out an exercise similar to the one carried out by

when by promising to do "whatever it takes" (his famous "whatever it takes") he managed to calm the market without moving a single euro.

Now, however, the words of Christine Lagarde or Luis de Guindos

as they were then.

The

have also not been enthusiastic about the news from Frankfort and, above all, the decision of the United States Federal Reserve (Fed) to raise interest rates to 0.75 points, the highest increase since 1994.

in the middle of the session and stands at 8,046 integers.

The Eurostoxx also fell (2.7%) and the German Dax 30 index (-2.9%).

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• Luis de Guindos

• USA

• Christine Lagarde

• Europe

• Greece

• Crisis

• Articles Alejandra Olcese