Clamour for ECB action hits fever pitch with Italy all but shut out
Despite Thursday’s relief rally and some prospect of a positive auction on Monday, SSA bankers and borrowers are reiterating calls for the ECB to rescue Italy after a week when the G8 sovereign neared an almost unprecedented loss of market access and the EFSF bail-out vehicle struggled to get even €3bn of bonds away.
With Italy needing 340bn next year for refinancing and its deficit, few market players believe it can complete its programme unaided particularly with primary dealers increasingly alienated by losses endured at auction.
"I do not think Italy will be able to fund next year apart from via
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