20/07/18

Italian Bonds Whiplashed After Finance Minister's Future Thrown Into Doubt



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Italian Bonds Whiplashed After Finance Minister's Future Thrown Into Doubt
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BTP yields shot higher early Friday morning after Italian newspaper La Repubblica reported that M5S chief Luigi Di Maio and League leader Matteo Salvini had weighed whether to "threaten unofficially to use the weapon of seeking Giovanni Tria's resignation" after reports leaked in recent days suggested that the two populist leaders were battling the influential finance minister - whose hasty appointment by the populist coalition saved Italian bond markets from the chaos of May - over appointments to the state lender, CDP. Di Maio and Salvini had reportedly missed a planned meeting with the prime minister on Thursday to discuss the issue.

As a reminder, markets are soothed by Tria (and his continued presence) because he was the voice of moderation brought in to enthusiastically endorse the euro, to assuage fears that ....

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