Italy's Black Friday Sale
By Arnold Kling
“The pricing is awful,” said Padhraic Garvey, rate strategist with Dutch bank ING in Amsterdam. “The object of the exercise this morning was to get the job done and they’ve done that, but that’s about the only positive thing to say.”
Investors’ attention will now turn to a bond sale of up to 8 billion euros that Italy is planning for next Tuesday.
Have a nice day. (Tyler Cowen sees the same story and has a similar reaction.)