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image: David Gray/Reuters

Global markets are in turmoil as Italy’s political crisis deepens

May 29, 2018

A deepening political crisis in the eurozone’s third largest economy, Italy, is wreaking havoc in global markets Tuesday as assets across the board take a pounding on fears of renewed turmoil in the single currency area.

Italian government bonds — known as BTPs — are the most obvious casualty of the political uncertainty, selling off sharply as investors look to move their money away from the troubled nation and into safer assets. The benchmark 10-year BTP has seen its yield increase 16% to 3.118% on Tuesday. That’s a high not seen since 2014.

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