The causes for concern surrounding Italy are growing, even as the ECB keeps a tight lid on its bond yields, pushing its debt servicing costs lower as its debt explodes higher.
The Euro Area’s weakest link, Italy, is once again in the familiar grip of a political crisis. The trigger this time was a decision by former Prime Minister Matteo Renzi to orchestrate the resignations of two ministers from his fledgling IItalia Viva party. Renzi accuses the current premier Giuseppe Conte of amassing too much power during the coronavirus crisis. He also challenges Conte’s reluctance to draw upon European Recovery and Resilience funds and the European Supervisory Mechanism, which Conte fears could come with all sorts of nasty strings attached.
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