Bond Markets Step In to Save Salvini’s Bacon in EU Tussle

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Bond Markets Step In to Save Salvini’s Bacon in EU TussleThe head of Italy’s right-wing League is on a collision course with the European Union, but bond investors are still enthusiastically buying the country’s debt and giving him room to pursue his crusade to cut taxes. As the European Commission moves toward opening an infringement procedure against Italy for failing to rein in debt, investors’ pressure on the populist government has eased amid a successful bond sale. While last year’s budget battle with Brussels sent Italy’s 10-year bond yield spread over Germany to highs last seen during the euro-area debt crisis, the market reaction to the latest threat of punishment has been tepid.

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