In a widely anticipated move, the Italian Parlament yesterday night approved the new austerity package which is supposed to save E50bn in the coming 3 years. Still, the Chamber has to approve the measures.
Congrats Italy! The austerity measures are just about to make up the massive spike we have seen in the Italian 10-yr bonds over the last year, which means every Euro saved can be directly spend towards the increased cost of borrowing!

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