The Telegraph’s Ambrose Evans-Pritchard has a worrying article today on Italy’s money supply.
The key quote comes from Simon Ward from Henderson Global Investors: “Real M1 deposits in Italy have fallen at an annual rate of 7pc over the last six months, faster than during the build-up to the great recession in 2008.”
Evans-Pritchard notes that a drop in deposits typically comes six months to a year before a slump.
More bad news for Italy.
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