Totally Protecting Italy
Markets still aren’t convinced the bank will do what’s needed to keep Italy in the eurozone.
The critical problem for the euro is that its viability is once again in doubt.
This time, the problem is more focused, but unfortunately it’s focused on Italy,
Purchases of private sector securities “could be considered, if appropriate.”
There is one critical difference with the first eurozone sovereign debt crisis. That one was truly existential and revolved around a group of countries on the area’s periphery known as the PIIGS (Portugal, Italy, Ireland, Greece and Spain), sometimes joined by Cyprus.
I’ve never met Truss, but viewed from afar it’s difficult to take her seriously.
John Authers Bloomberg 22 juli 2022
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