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- Raj Badiani, a senior economist at IHS Global Insight
Italy raised 9 billion euros in an auction on Wednesday, more than expected, benefiting from lower yields as Rome's recent austerity measures and the ECB long-term refinancing operation have helped to ease strains in the market.
"This is an encouraging development, suggesting that the Italian sovereign debt market has pulled back from the dangerous situation in late November," said Raj Badiani, a senior economist at IHS Global Insight.
"The calmer environment reflects the passing of additional austerity measures and some welcome progress on the structural reform agenda, coupled with the ECB's decision to provide additional cheap financing to Italian banks," Badiani added.