“Who will purchase €275 billion of government debt Italy is to issue in 2019?”
But outside Italy, credit markets are sanguine, and no one says, “whatever it takes.”
Italy’s anti-establishment government takes on EU establishment in a struggle that could have major ramifications for the monetary union.
Markets wail and gnash their teeth as “normalization” of Italian yields sets in.
ECB’s Negative Interest Rate Policy has been the funniest monetary joke ever.
The only other option: “Orderly restructuring.”