A quick one but a chart that maps the average strength of the NO vote vs the average youth unemployment rate in Italy. Similar to the statistics revealed from the chart in my report yesterday – the higher the unemployment rate the higher the NO vote – predominantly from provinces in the south.
It would appear Mr Draghi and co have propped up Italian bonds and the euro which undoubtedly squeezed shorts but as much as the motto to never fight the central bank, eventually the weight of market forces can’t sustain this indefinitely.
Not even the ECB can Make Italy Great Again. The ECB is about as welcome as the Carthaginians at the gates of Rome at this juncture. I recommend signing up to Beppo Grillo’s blog. It is in English too – gives more perspective on the shenanigans in Italian politics. Sure there is some bias but some of the stories read like Nero watching Rome burn.