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Italy Cancels August Bond Auction

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Citing the most hilarious explanation we have ever heard for not daring to approach the capital markets, Dow Jones reports that following a comparable announcement from Austria earlier, none other than clutch euro Domino Italy, whose bond yields surged by about 40 bps today, has decided to take a sabbatical from accessing capital markets, and will not issue medium and long-term bonds in August. Of course, the real reason is that the spreads are prohibitively high but that's a story for another reason. The problem for Italy, however, is that it will end up burning through a lot of cash over the next 45 days and then far more will depend on the successful passage of the country's auctions in the following month, when the next scheduled medium term auction is on September 13...

The Greek bailout has worked wonders.

The next couple of months are going to be very interesting indeed.

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Maybe the Mafia can help them.

The Mafia only sell fake bonds (didn't they sell a billion or so in fake US bonds to the Vatican Bank in the 70s?). Though Mafia-made fake US bonds are probably worth more than real Italian ones at the moment.

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  • 335 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%

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