ING - Italy: Don't Say You Haven't Been Warned!
Background
Based on CDS swap rates, Italy (EWI) implied default probability is now above 20%.
Just when you really don't need it, the country's manufacturing PMI fell to 50, suggesting low or zero growth going forward.
Surprised? I'm not.
You can't say that I haven't warned you in advance. That is true on the continent level, on the country level, and even on the sector level.
To wit:
Europe is doomed! - September 15th 2018
Let's not forget that we have the budget and rating agency updates ahead of us (both inside