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Italy's Debt Drama Gets Worse, in Four Charts
There’s not a lot of amore among investors these days for Italy. For a start, the benchmark 10-year bond shows investors are expecting not much good to come out of the government’s September budget process.It’s all supposed to be over by Christmas. But it will be a drawn-out process that will test investors’ nerves instead of a summer of enjoying a quiet carry trade. The government’s seeming willingness to abandon fiscal responsibility and bust European Union rules on ratios of debt to gross domestic product has creditors worried. Yields on Italy versus Spain, a key barometer of investor sentiment on ... (full story)
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The elites think we are stupid. They are in the main quite correct.
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