europe Giuseppe Conte italy Luigi Di Maio Markets Matteo Salvini

‘Lords Of The Spread’.

"Matteo wept for the end of innocence, the darkness of Berlin's heart"...

Matteo wept for the end of innocence, the darkness of Berlin's heart, and the fall through the air of a true, wise friend called Piggy. I don't want to talk out of both sides of my mouth, so I'm compelled to say it's a positive development that Italian Deputy PM Matteo Salvini has spent this week walking back his aggressive budget rhetoric.  Up until Monday, Salvini (who found himself in some hot water last month after an ill-advised decision to effectively hold 150 migrants hostage on a coast-guard ship parked in a Sicilian port sparked a kidnapping investigation) has been characteristically combative ahead of a closely-watched budget proposal that's expected to be a kind of "make or break" moment for the Italian bond market. The spread between Italian yields and safe haven German bunds blew back out to wides seen during the May turmoil last month, as Salvini continued to insist that "the lords of the spread" were conspiring against Italy's populists. Here's what he told Deutsche Welle in an interview published this week: DW: International markets seem skeptical though. The famous "spread," that is the risk premium for Italian bonds, has doubled since you came to power. H
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