The Italian government has ostensibly rebuked the technocrats of Europe by what what the EU calls Italy’s planned budget deviation as ‘unprecedented’. The EU’s Moscovici handed Italian finance minister Tria a letter outlining EU concerns
The Fragile Five Emerging Markets Contagion Risk
The emerging markets known as the ‘fragile five’; Brazil, India, Indonesia, South Africa and Turkey have shown that contagion is unavoidable when you are a high interest-rate economy with a trade deficit dependant on foreign capital to balance its books.