{"id":34588,"date":"2018-05-29T06:48:49","date_gmt":"2018-05-29T11:48:49","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34588"},"modified":"2018-05-29T06:48:49","modified_gmt":"2018-05-29T11:48:49","slug":"global-markets-descend-into-contagious-panic-as-italy-implodes","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34588","title":{"rendered":"Global Markets Descend Into Contagious Panic As Italy Implodes"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-05-29\/global-markets-descend-contagious-panic-italy-implodes\"><span class=\"field field--name-title field--type-string field--label-hidden\">Global Markets Descend Into Contagious Panic As Italy Implodes<\/span><\/a><\/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--sticky node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1020\" data-gtm-vis-first-on-screen-2077925_22=\"1020\" 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=\"submission-wrapper\"><\/div>\n<div class=\"a2a_kit a2a_kit_size_32 a2a_default_style\" data-a2a-icon-color=\"#222\">\n<div>Commenting on today&#8217;s sheer market chaos as the US and UK return from holiday, Bloomberg writes that &#8220;<strong>fixed-income markets have descended into panic <\/strong>amid mounting concern over the risk of Italy leaving the euro or leading to its break-up&#8221; and while Italy is suffering the biggest losses in peripheral debt, core bonds and Treasuries are spiking higher.<\/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<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/traders%20hands%20on%20faces.jpg?itok=ZFmrUXhi\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/traders%20hands%20on%20faces.jpg?itok=ZFmrUXhi\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/traders%20hands%20on%20faces.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/traders%20hands%20on%20faces.jpg?itok=ZFmrUXhi 1x\" alt=\"\" width=\"500\" height=\"64\" data-entity-type=\"file\" data-entity-uuid=\"e6198ff8-65a9-404d-b73e-22150401e04c\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>For those who stayed away from market news over the holiday weekend, this is what happened and why we are here today: Italy PM-designate Conte gave up on efforts of forming a government after Italian President Mattarella rejected Eurosceptic Paolo Savona for the Economy Minister position <strong>because the appointment would have \u201calarmed markets and investors, Italians and foreigners&#8221;<\/strong> (yes, very ironic in retrospect, <a href=\"https:\/\/www.zerohedge.com\/news\/2018-05-27\/toxic-coup-narrative-why-italys-political-crisis-may-be-set-explode\">although just as we predicted would happen<\/a>)<strong>. <\/strong>Mattarella then summoned former-IMF senior director Cottarelli to meet in a move viewed by some as laying the groundwork for a technocratic government. <strong>Forza Italia said they would not support this government, and 5SM and League set their sights on the now highly likely new elections (touted from September 9th). <\/strong>Both 5SM and League saying they will evaluate their coalition in these new elections.<\/p>\n<p>Meanwhile, on Sunday Italian President Mattarella gave a mandate to form a government to ex-IMF official Cottarelli, while PM-designate Cottarelli accepted the mandate and sees elections at the start of next year. In related news, League leader Salvini said he hopes there will be a government in October for the approval of the budget law and to avoid a VAT increase and M5S leader Di Maio wants elections as soon as possible, while Forza Italia\u2019s Berlusconi said his party will reject the Cottarelli government.<\/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>Global Markets Descend Into Contagious Panic As Italy Implodes Commenting on today&#8217;s sheer market chaos as the US and UK return from holiday, Bloomberg writes that &#8220;fixed-income markets have descended into panic amid mounting concern over the risk of Italy leaving the euro or leading to its break-up&#8221; and while Italy is suffering the biggest [&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],"tags":[83,1992,368,1464,6066,2080,827,4318],"class_list":["post-34588","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bloomberg","tag-contagion","tag-global-markets","tag-italy","tag-panic","tag-united-kingdom","tag-united-states","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34588","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=34588"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34588\/revisions"}],"predecessor-version":[{"id":34590,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34588\/revisions\/34590"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}