Italy rebuffs EU warnings with new 2040 benchmark

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By Mike Turner
12 Jun 2019

Italy has surprised the market by hitting screens with a new 20 year euro benchmark trade while it is facing disciplinary action from the European Union for having excessive debt.

“That’s some chutzpah,” said one investor considering the transaction.

The European Commission has recommended initiating an Excessive Deficit Procedure against Italy because of its elevated and rising public debt, which is at around 132% of GDP, according to Moody’s.

Triple-B rated Italy announced the ...

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