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Could this possibly be?According to a headline on Bloomberg, citing Sky TG24, Italy is going to announce a Balanced Budget Amendment.
Get used to it: Taglio Cappuccio Equilibrio.
(That’s Cut, Cap, and Balance in Italian)
According to a report from Dow Jones, the reforms have been agreed to with the ECB, meaning the ECB will be willing to monetise Italian debt.
This news is causing markets to rip higher, after being down huge earlier.
Berlusconi to speak at 1:30 PM ET.