{"id":38564,"date":"2018-10-02T06:36:14","date_gmt":"2018-10-02T11:36:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38564"},"modified":"2018-10-02T06:36:14","modified_gmt":"2018-10-02T11:36:14","slug":"it-will-end-in-tears-world-stocks-euro-slide-as-italian-contagion-spreads","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38564","title":{"rendered":"“It Will End In Tears”: World Stocks, Euro Slide As Italian Contagion Spreads"},"content":{"rendered":"
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“It Will End In Tears”: World Stocks, Euro Slide As Italian Contagion Spreads<\/a><\/span><\/h3>\n<\/div>\n
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World stocks slumped, European assets sold off and the Euro dropped to a three week low on Tuesday after anti-euro comments from an Italian party official sent renewed shockwaves across Europe and the globe, and pushed Italy\u2019s bond yields up to multi-year highs.<\/p>\n

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Italian asset tumbled for a second day, after the economic head of the ruling League party and head of lower house budget committee – and a well-known euroskeptic – Claudio Borghi said that most of Italy\u2019s problems could be solved by having its own currency: “I am more than convinced that Italy, with its own currency, would be able to resolve its problems,” Borghi said in an interview on Radio Anch\u2019io, adding that the euro as common currency “is not sufficient” for Italy to solve fiscal issues. In kneejerk response, Italian 10Y yield continued their Monday selloff, spiking to 3.438%, the highest level since early 2014.<\/p>\n

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Borghi also said that like France, Italy shouldn\u2019t be subject to attack from EU officials, adding that if France\u2019s spread started widening, \u201cat a certain point they would raise their hands and say \u2018OK let\u2019s intervene\u2019.\u201d He concluded that Italy would have declared a 3.1% budget deficit for 2019 instead of the 2.4% it has set, if it had wanted to go up against the EU, adding that the govt is aiming for a level that\u2019s “enough for our country to feel a bit better.”<\/p>\n

Borghi’s comments followed a statement by European Commission President Jean-Claude Juncker who compared Italy with Greece, saying “after the toughest management of the Greece crisis, we have to do everything to avoid a new Greece – this time an Italy – crisis.”<\/strong><\/p>\n

The latest comments shook markets in early trading, pushing Italian 10-year bond yields to a new 4 1\/2 year high…<\/p>\n

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\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“It Will End In Tears”: World Stocks, Euro Slide As Italian Contagion Spreads World stocks slumped, European assets sold off and the Euro dropped to a three week low on Tuesday after anti-euro comments from an Italian party official sent renewed shockwaves across Europe and the globe, and pushed Italy\u2019s bond yields up to multi-year […]<\/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":[1992,11028,1464,4318],"class_list":["post-38564","post","type-post","status-publish","format-standard","hentry","category-economics","tag-contagion","tag-global-stocks","tag-italy","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38564","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=38564"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38564\/revisions"}],"predecessor-version":[{"id":38565,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38564\/revisions\/38565"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}