Btp, Hedge Fund: “The biggest bet against Italian debt”
The hedge fund they scored “the biggest bet against Italian government bonds since the global financial crisis, due to growing concerns about the political turmoil in Rome and the country’s dependence on Russian gas imports”. The Financial Times in opening.
The British newspaper cites data from S&P Global Market Intelligencenoting that the total value of Italian bonds borrowed by investors to bet on a drop in prices reached its highest level since January 2008 this month, with over 39 billion euros.
“The rush of investors to bet against Italy comes as the country faces growing economic winds stemming from the surge in natural gas prices in Europe, caused by Russia’s supply cuts, and a difficult political climate with elections in September, “writes the business daily .
Italy, underlines the Financial Times, “is also considered by investors to be among the most vulnerable countries” to the decision of the European Central Bank to reduce its stimulus programs and raise interest rates. According to the newspaper, “the bets against the Italian debt have been a very profitable business for hedge funds in the past due to long-standing political uncertainty and fears for over 2.3 billion euros of government bonds in circulation in the country “.
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