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For Europe, Italy really can’t be Greece, because it’s too big to bail.So everyone is out defending the country, even Moody’s.
The firm’s Italy analyst told a newspaper that due to the country’s relatively long average debt maturity (7.09 years) it mad more room to manoeuvre than its peers.
PIMCO, which has been pretty negative on all the PIIGS, has also come out with commentary calling the selloff unwarranted.
And now the Italian Banking Association is declaring pre-victory on stress test results that will be out this Friday.
So, the FTSE MIB is rallying, and any crisis gets averted for a day.
For more Italy bullishness, see Credit Suisse here.