Bad news for Beppe Grillo (and his anti-EU 5-Star Movement) is good news for Italian bondholders. 10Y BTP yields tumbled 9bps this morning to 2.00% – the lowest since January – after the comedian suffered heavy setbacks in local elections on Sunday, dimming the party’s prospects of leading the national government after parliamentary elections next year.
As Bloomberg reports, Five Star, led by former comedian Beppe Grillo, failed to make it to the second round of voting in Genoa, Palermo, Parma and Verona, according to projections.
This post was published at Zero Hedge on Jun 12, 2017.
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