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Big deal this - appears ECB will be able immediately to buy more Italian debt, bringing down the spread on bunds... and also Greek debt.
Italian debt spread over German bunds - ie the extra interest charged to lend to Italian Government versus German Government which is normally close but blew out over last few weeks - has now fallen from 320 basis points (ie +3.2%) to 200 (+2%) - so it’s working.
Welcomed by Italian PM
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Faisal Islam
@faisalislam
So we at @BBCBusiness & economics team are doing our best to put together as much info, as it comes in about support packages from Government for wages, jobs, and funding.

We’ve had lots of qs already, please feed into us and we will get answers that we can for you this week:..
Chancellor tells Commons re self employed and freelancers
“Will be making further announcements, looking at in intense detail... there are genuine practical and principled reasons why it is incredibly complicated to design an analogous scheme, but rest assured we understand...”
“We are determined to find a way to support them. We need to be confident this case be done in a way which is deliverable and is fair to the vast majority of the British workforce” Chancellor tells @MPritchardUK ...
Read 15 tweets
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Faisal Islam
@faisalislam
Chinese private sector joins its Government in donating masks, ventilators etc not just to rest of Asia and Africa but to Europe too...

A number of things to be said about geopolitics of all this - but as welcome as private sector help in UK/Europe has been - step up required
Spain:
Ethiopia:
Read 3 tweets
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Faisal Islam
@faisalislam
Rail franchises basically temporarily nationalised - all revenue and cost risk now on Government, and franchises will run service, after passenger numbers fell 70% - significant action to keep the wheels turning on the system for at least six months. gov.uk/government/spe…
Takes me back to 2008 & Government spinners saying banks then had definitely not been nationalised and were merely being taken into “temporary public ownership”...

In this case franchises remain privately owned... providing service at set cost, with Govt covering all losses
Also it is not officially compulsory - but how franchises would continue to pay current contractual fees with two thirds loss of passengers is difficult to fathom...
Read 5 tweets

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pippocamminadritto
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..poi un giorno ci farete sapere quanto avete alzato shortando italia quando eravate sovranisti (hawkish) e poi rigirandovi una volta tornati euristi (dovish)
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#demographics #militaries #economies #currencies
#USA
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