Tuesday, 23 October, 2018

EU far-right leaders take on Brussels

A general view of Palazzo Mezzanotte head office of the Borsa Italiana Image Italy's main share index fell 2.4
Jeannette Daniel | 11 October, 2018, 09:55

The original promise to triple the previous government's deficit target for the next three years to 2.4 per cent of GDP each year would have made it very hard for Rome to reduce its 130 per cent debt/GDP ratio each year, as required under the EU's budget rules.

Di Maio over the weekend promised the ballot will be an "earthquake". Investors are now considering the potential for ratings downgrades, with S&P Global Ratings and Moody's Investors Service due to review the sovereign before the end of the month.

According to analysts at Danske Bank, in Europe the Italian Job continues to raise risks of "blowing the bloody doors off". These are the highest yields Italy has faced since February 2014. "But I expect that Italy and the European Union will find a compromise, even though it looks hard at the moment". The spread over those on German bonds climbed 20bps to 306bps.

"(We will) significantly reduce, within the first two years of this legislature, the growth gap with the eurozone and bring about the first significant decrease in the debt ratio over the next three years", Tria said.

There were signs that the sell-off may not be done yet. "Italy's 10-year rose to a 4-year high and banking stocks suffered throughout". The nation's benchmark FTSEMIB stock index fell to its lowest level since April 2017. And before then, there is always a chance that a further selling off by market participants will rather separately force a rethink.

More news: International Monetary Fund downgrades outlook for U.S., China as result of trade war

"Leaders Italian and French extreme right-wing and sovereignists Matteo Salvini and Marine Le Pen attacked the bunker of Brussels" by throwing together Monday in Rome of their electoral campaign for the european of may.

With the Commission in Brussels taking action against Poland over its Supreme Court reforms and a recent legal challenge against the Hungarian government; populist governments and the EU's institutions are locked in an increasingly bitter dispute.

"The politics of austerity of the last few years have increased Italian debt and impoverished Italy".

The start of this week witnessed yet another spike in Italian bond yields, as the country's coalition government continued to grapple with the details of its 2019 budget.

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