There is something wrong with the trend in the spread of Italian government bonds. For once, we don’t seem to be the problem, as much as Europe. We are not fooled by financial market response to the announcement of resignation of president Draghi: on Friday the BTP-BUND spread decreased and the Italian stock exchange grew. There was not the much feared collapse. The precise figure can be understood considering the expectation of the final outcome of the government crisis and, above all, the fact that all the European stock exchanges closed the week with a recovery.
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