By David Scott | Monday 14 May 2018
The populist policy agenda of the new coalition government in Italy would in any normal circumstances be enough to send markets into meltdown as the Five Star/League combo is planning a flat rate tax, a citizen’s allowance for the impoverished south, a general rolling back of pension reform, restoring the retirement age to 60, and the establishment of a parallel currency as a precursor to leaving the euro. Yet there has been no panic, last week yields on Government bonds barely changed, and the stock market actually went up. Markets are underestimating the risks, both to Italy and the continued integrity of the euro. Complacency in the face of all of this is a classic, late bull market condition.
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