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Seven days: 23 August 2019

Seven days: 23 August 2019

Italian political turmoil

Following interior minister Matteo Salvini’s tabling a motion of no-confidence, Italian prime minister Giuseppe Conte has resigned, accusing his coalition partner of risking “a dangerous spiral of political uncertainty and financial instability”. Political squabbles in Italy are hardly novel, but if a new government cannot be formed, the country will be heading towards an early election. Ten-year Italian bond yields, having hit as high as 1.81 per cent earlier this month, were sent tumbling by 10 basis points to 1.32 per cent by the burgeoning political crisis. Meanwhile, the spread against benchmark German bunds has narrowed, sitting at just over 2 per cent. 

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