Italy is merely another reminder that nothing has changed, and in all likelihood nothing will. Being left in this wretched state is only pure risk. They can gloss over it on occasion, as they have from time to time (2010, 2013-14, 2017), but markets including those in Germany haven’t really been fooled. Bund yields though better than last year were still even at their reflation best this year nearer to record lows than even low levels at the last cycle in 2014.
