‘We Do Not Think Markets Will Appreciate This’: Italy’s Populists Successfully Blow Up Budget
“We see this as a defeat for Mr Tria, as a guarantor of fiscal prudence.”
“We see this as a defeat for Mr Tria, as a guarantor of fiscal prudence.”
“In September, markets will need to navigate news flow.”
“If the ECB covers you, markets can’t speculate because they don’t make money.”
“…it’s time to cut financing to a useless entity.”
“I laughed quite a lot, when I saw the report.”
“We will resist the bond yield spread, speculation, credit downgrades and attacks.”
“Mobilizing” to find a “solution”.
Good luck trying to figure all of this out.
The bar is high. Or is it?
Relief. Fleeting, maybe. But relief nonetheless.
Free fall.
It would probably not be wise for the ECB to officially end asset purchases in September just as jitters about new Italian elections are peaking.Â
Unfortunately, the best way to sum up this rather fluid situation right now is to simply employ a Trumpism and say: “we’ll see what happens.”
So you can go ahead and look forward to more fretting over this and you can also look forward to plenty of accusations from Di Maio and Salvini about how the evil “eurocrats” won’t let them spend their way to oblivion.
Of “blackmail”, central banks, market distortions and Scream.
But don’t get any ideas or Draghi will “rip your eyes out”.
Who’s “tired of winning”?
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