Italy – an atypical peripheral country

January 2011. Eurozone sovereign risk concerns are back in the spotlight following the Irish bailout. Yield spreads of eurozone peripheral countries over German Bunds have reached new highs. However, markets are recognising differences in terms of risk levels and Italy, despite its very high debt/GDP ratio, appears less vulnerable than other peripheral countries. In this paper we highlight why Italy is considered an atypical peripheral eurozone country and ask whether Italian sovereign debt can represent an investment opportunity within European government bond markets. (Leer aquí)

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