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Bit of a siren -- although you have the puts it it's dipped into the red after that.
Bond auction in Italy went off well it wasn't a disaster let's just leave it at that we'll look sadly that was talked -- John Randolph.
He's director of sovereign risk for -- global insight he's joining us live from London this morning.
-- on rather than -- I'm not gonna filibuster are about to hit Italy's bond auction.
Just tell me how you read it yesterday and really today.
Oracle sat shoulder and these lovely the official attendance with debt.
Up alcohol basically -- Italy and full -- two key qualities.
That will determine the future of Europe basically these two.
That's behind the of course is -- -- European Central Bank actually they they flooded the markets.
Three yeah lending 1% on basically they've reignite -- The carry trade but what some banks -- stronger balance sheets -- used up 1% boring and invested it.
In Italian and Spanish government that only a partial -- What about annuity into the new year what about the borrowing needs of some of these countries and how closely.
These auctions will be watched just in the month of January on.
Italy and Spain and other two key ones.
If -- being the biggest that market actually more debt than Germany with a small rural economy.
Accidentally -- To what happens.
A what comes of it to its lead in the first half of next year or so determines what happens to Europe -- -- By education global growth -- so Oracle strictly coming down.
To more reasonable levels it is.
It is a relief.
It's not doesn't solve the problem strictly peaceful -- the follow through.
With the austerity and structural full.
The key test that -- really the structural forms.
Whether they can revitalize their export industries.
By and then that therein lies the credit -- importance of global growth in the global economy.
Just really quickly on -- -- on the spot winner are investors gonna -- demand opt to be paid more interest.
By the US government because we have.
We have we're really greatly benefiting from the troubles in Europe in terms of -- -- I think we have -- -- don't know what the name of the game here is -- isn't bits that's to do with making money more to do with that not making losses I sit -- preservation.
The moment you know we have the US up -- markets UK -- markets of the temporary.
Heidi -- the global prospects improve should home that banking group them sovereign debt isn't it it is.
Investors beginning to charge mole the holding US debt up until then that the US is a temporary safe haven --
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