Frequently seen in the media. European debt "Crisis" may have caused "reading fatigue", but investors who are concerned about market trends can never ignore the development trend of the crisis. At present, many European countries have not recovered from the crisis for many days, but there are signs that they are getting deeper and deeper. Greece Credit default swap (CDS) has climbed to a record high in the wake of rumours of restructuring debt. Last week, Ireland was downgrade by Moodie, a rating agency, on 18 days. Bank It was also demoted. Portugal is waiting for the EU's final rescue plan.

Although the ECB hints that the pace of tightening will not be disrupted, the obscurity is still unbearable, and the euro feels the power of the "late spring". On the 18 day, investors sold the euro, and the euro fell to the lowest level this month against the yen.

"Debt" rumours boost expectations of default

Rumors about Greece's restructuring debts have been heard since last week. Greek media 18 reported that Greece earlier this month to the European Union and the International Monetary Fund (IMF) expressed the hope that the restructuring of debt, or will discuss this issue in June this year. However, the Greek finance minister and the European Union and IMF senior officials denied this rumor.

Under the influence of rumours of "down payment", the yield of Greek ten - year bonds climbed to over 13% last week, the biggest gain in 13 years. The CDS price of Greek bonds surged to a record 1147 points last week, suggesting that investors expect the Greek debt to increase significantly in the next five years. In addition, Portugal's two-year, five and ten year Treasury yields rose to a record level last week.

The Greek government unveiled a deficit reduction plan on the 15 day. In the next five years, the country will further reduce its budget deficit of 26 billion euros, and said it will reduce its stake in key state-owned enterprises. Nevertheless, the 18 day Greek five year treasury bond CDS continued to rise, once up 84 basis points, to 1220 basis points, to refresh the record level. CDS's price is rising, which means investors are betting that Greece's debt default expectations are rising.

Chaos is difficult to change the way the central bank withdraws.

In addition to Greece, the debt situation of several other euro zone debt countries has not eased. Representatives of the European Commission, the European Central Bank and IMF gathered in Portugal's capital Lisbon 18 days ago to discuss the Portuguese aid clause. This will be the third rescue operation in the euro area after Greece and Ireland. Overseas media predicted that the rescue scale is expected to reach 80 billion euros.

In addition, Moodie announced last week that Ireland's sovereign debt rating will be cut two to the lowest investment grade. S & P has downgraded its rating to BBB+ at the beginning of this month, and the outlook is stable. On the 18 day, Moodie also announced that he lowered the long-term deposit rating of four financial institutions such as the Irish United Bank, Irish Bank, EBS Building Association, Irish life bank and so on.

Although the euro has been pushed up by the ECB's interest rate expectations for some time, investors now once again turn their attention to the debt crisis. The euro rate fell on the 18 day. Beijing time 18 at 19 o'clock, the euro dollar exchange rate reported 1.4294 U.S. dollars, or 0.91%, the euro to the yen exchange rate reported 118.34 yen, or 1.25%, a low point in the month.

Earlier this month, the European Central Bank raised the benchmark interest rate from 1% to 1.25%, the first rate hike since July 2008. The market expects that the European Central Bank will raise interest rates two times before the end of the year. This has brought a gratifying increase in the euro, but the euro has really felt the power of the "cold spring" because of the fact that the "debt situation" of many European countries has not improved.