Despite the problems surrounding the pound at present there is a major concern for the Eurozone. Italy’s debt is now in excess of it’s GDP which is a worrying situation.
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Brussels had threatened to impose a €3bln fine on Italy if the debt situation was not under control. Some economists believe it may be the case that Italy will blame their debt woes on Brussels to motivate public opinion to leave the EU. This will be something Brussels will attempt to avoid at all costs, you could argue the EU is making it as difficult as possible for the UK to leave to prevent a domino effect with other countries potentially leaving the bloc.
The effect the Italy situation could have on the stock market and the currency market should not be underestimated. If we look back to the situation with Greece, the ramifications of Italy’s debt situation could be far worse in comparison. Italy’s economy is ten times that of Greece and is the eight largest economy in the world. Those holding euros may wish to keep a close eye on events as they unfold.
Eurozone Consumer Price Index (CPI) data is due out today and the figures will be looked at closely by investors. CPI is a measure of inflation and considering inflation has been a major concern for the European Central Bank (ECB) the data could cause movement on the currency market. Year on Year data is expected to land with no change at 1.2% and Month on Month is also set to remain at 0.1% the same as the previous month. If figures land away from expectations there could be movement in Euro value.
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