Shifting sands of perception

The shifting sands of Eurozone politics are revealing a more constructive picture, a pattern that shouldn’t change materially even if May’s European elections deliver gains to the populists parties. In fact, this will simply unify the pro-European moderates. Meanwhile, the pace of the Eurozone economic recovery (if still lacklustre) is improving. It no longer makes sense to be short peripheral sovereign debt and we are closing our Italian bond shorts.

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