{"id":34560,"date":"2018-05-28T07:51:06","date_gmt":"2018-05-28T12:51:06","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34560"},"modified":"2018-05-28T07:51:06","modified_gmt":"2018-05-28T12:51:06","slug":"italian-bonds-stocks-crash-in-furious-reversal-as-political-drama-explodes","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34560","title":{"rendered":"Italian Bonds, Stocks Crash In Furious Reversal As Political Drama Explodes"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><span class=\"field field--name-title field--type-string field--label-hidden\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-05-28\/italian-bonds-stocks-crash-furious-reversal-political-drama-explodes\">Italian Bonds, Stocks Crash In Furious Reversal As Political Drama Explodes<\/a><\/span><span style=\"color: #333333; font-size: 16px;\">\u00a0<\/span><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1165\" data-gtm-vis-first-on-screen-2077925_22=\"1165\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<footer class=\"node__meta\">\n<div class=\"a2a_kit a2a_kit_size_32 a2a_default_style\" data-a2a-icon-color=\"#222\">\n<div>Yesterday, in the aftermath of the latest Italian political drama, in which president Mattarella openly mocked democracy, and under pressure from Europe vetoed the choice of the euroskeptic economy minister, Paolo Savona, <a href=\"https:\/\/www.zerohedge.com\/news\/2018-05-27\/italy-chaos-country-vote-again-after-president-blocks-government-unclear-what\">we warned <\/a>that this outcome was even worse for markets than the one which most had dreaded, namely Mattarella folding and greenlighting the 82-year-old professor for reasons we laid <a href=\"https:\/\/www.zerohedge.com\/news\/2018-05-27\/italy-chaos-country-vote-again-after-president-blocks-government-unclear-what\">out article from Sunday<\/a>.<\/div>\n<\/div>\n<\/footer>\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<hr \/>\n<div class=\"Tweet-header\"><a class=\"TweetAuthor-avatar Identity-avatar u-linkBlend\" href=\"https:\/\/twitter.com\/zerohedge\" data-scribe=\"element:user_link\" aria-label=\"zerohedge (screen name: zerohedge)\"><img decoding=\"async\" class=\"Avatar Avatar--edge\" src=\"https:\/\/pbs.twimg.com\/profile_images\/72647502\/tyler_normal.jpg\" alt=\"\" data-scribe=\"element:avatar\" data-src-2x=\"https:\/\/pbs.twimg.com\/profile_images\/72647502\/tyler_bigger.jpg\" data-src-1x=\"https:\/\/pbs.twimg.com\/profile_images\/72647502\/tyler_normal.jpg\" \/><\/a><\/div>\n<div class=\"Tweet-body e-entry-content\" data-scribe=\"component:tweet\">\n<p class=\"Tweet-text e-entry-title\" dir=\"ltr\" lang=\"en\">Algos still don&#8217;t understand that appointment of Savona was &#8220;best&#8221; worst case scenario <a class=\"link customisable\" dir=\"ltr\" title=\"https:\/\/www.zerohedge.com\/news\/2018-05-27\/toxic-coup-narrative-why-italys-political-crisis-may-be-set-explode\" href=\"https:\/\/t.co\/EbYlkkHpuw\" target=\"_blank\" rel=\"nofollow noopener\" data-expanded-url=\"https:\/\/www.zerohedge.com\/news\/2018-05-27\/toxic-coup-narrative-why-italys-political-crisis-may-be-set-explode\" data-scribe=\"element:url\"><span class=\"u-hiddenVisually\">https:\/\/www.<\/span>zerohedge.com\/news\/2018-05-2<span class=\"u-hiddenVisually\">7\/toxic-coup-narrative-why-italys-political-crisis-may-be-set-explode\u00a0<\/span>\u2026<\/a><\/p>\n<\/div>\n<div class=\"Tweet-metadata dateline\"><a class=\"u-linkBlend u-url customisable-highlight long-permalink\" href=\"https:\/\/twitter.com\/zerohedge\/status\/1000911735023390721\" data-datetime=\"2018-05-28T01:28:48+0000\" data-scribe=\"element:full_timestamp\"><time class=\"dt-updated\" title=\"Time posted: May 28, 2018 01:28:48 (UTC)\" datetime=\"2018-05-28T01:28:48+0000\">9:28 PM &#8211; May 27, 2018<\/time><\/a><\/div>\n<div class=\"Tweet-card\">\n<div class=\"PrerenderedCard is-constrainedByMaxWidth is-loaded\" data-card-name=\"summary_large_image\" data-css=\"https:\/\/ton.twimg.com\/tfw\/css\/syndication_bundle_v1_e919bbf138685fdb8f6dc1141354c2234d5840c4.css\" data-scribe=\"component:card\">\n<div class=\"TwitterCardsGrid TwitterCard\">\n<div class=\"TwitterCardsGrid-col--12 TwitterCardsGrid-col--spacerBottom CardContent\">\n<div class=\"SummaryCard-image TwitterCardsGrid-col--12\">\n<div class=\"tcu-imageContainer tcu-imageAspect--2to1\">\n<div class=\"tcu-imageWrapper tcu-image-1000911735023390721 js-cspForcedStyle\" data-style=\"background-image: url(https:\/\/pbs.twimg.com\/card_img\/1000771199226601473\/UCJiAsvn?format=jpg&amp;name=600x314); background-size: cover;\"><img decoding=\"async\" class=\"u-block\" src=\"https:\/\/pbs.twimg.com\/card_img\/1000771199226601473\/UCJiAsvn?format=jpg&amp;name=600x314\" alt=\"\" \/><\/div>\n<\/div>\n<\/div>\n<div class=\"SummaryCard-contentContainer TwitterCardsGrid-col--12\">\n<div class=\"SummaryCard-content TwitterCardsGrid-ltr\">\n<p class=\"TwitterCard-title js-cardClick tcu-textEllipse--multiline\" dir=\"ltr\"><strong>&#8220;A Toxic Coup Narrative&#8221;: Why Italy&#8217;s Political Crisis May Be Set To Explode<\/strong><\/p>\n<p class=\"tcu-resetMargin u-block TwitterCardsGrid-col--spacerTop tcu-textEllipse--multiline\" dir=\"ltr\">&#8220;The most worrying points are: toxic \u201ccoup\u201d narrative developing; in the next days, if the crisis worsens, calls for a show of force will grow louder. Plus, Savona\u2019s appointment means Lega is dead&#8230;<\/p>\n<p><span class=\"u-block TwitterCardsGrid-col--spacerTop SummaryCard-destination\" dir=\"ltr\">zerohedge.com<\/span><\/div>\n<div>\n<hr \/>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>What happened next was a full court press by so-called experts and momentum reversal algos to spin yesterday&#8217;s outcome as good news, and sure enough in early trading the EUR bounced sharply, rising above 1.17, Bunds slumped, and Italian bonds and stocks gapped higher at the open.<\/p>\n<p>&#8230; And then all hell broke loose when, just as we predicted, Mattarella&#8217;s decision simply reinforced the League&#8217;s hard line position, when shortly after the open <strong>League leader Matteo Salvini reiterated his support for Savona, <\/strong>and in a Facebook video said that &#8220;<strong>either EU rules will change or it makes no sense for Italy to remain in the European Union.<\/strong>&#8221; Worse, dragging Italy to the verge of the constitutional crisis we <a href=\"https:\/\/www.zerohedge.com\/news\/2018-05-27\/italy-chaos-country-vote-again-after-president-blocks-government-unclear-what\">warned about yesterday<\/a>, Salvini turned the nation against the Brussels-lackey president and said that Mattarella &#8220;chose EU rules over Italians\u2019 vote&#8221; which &#8220;is an issue for democracy.&#8221;<\/p>\n<p>And the punchline: <strong>the League would still seek to form a government with people rejected by Sergio Mattarella.<\/strong><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Italian Bonds, Stocks Crash In Furious Reversal As Political Drama Explodes\u00a0 Yesterday, in the aftermath of the latest Italian political drama, in which president Mattarella openly mocked democracy, and under pressure from Europe vetoed the choice of the euroskeptic economy minister, Paolo Savona, we warned that this outcome was even worse for markets than the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[204,20249,20250,1464,20251,4318],"class_list":["post-34560","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-democracy","tag-italian-bonds","tag-italian-stocks","tag-italy","tag-matteo-salvini","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34560"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34560\/revisions"}],"predecessor-version":[{"id":34561,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34560\/revisions\/34561"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}