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Italian Banks Are Dumping Italian Sovereign Debt To The ECB Ahead Of The Election

At the turn of the year, and just over 2 months ahead of the Italian elections on March 4, we presented  a stunning observation from Citi, one suggesting that even before any potential political risk emerges in March, private investors had long ago fallen out of love with Italian BTPs and had taken to the hills. As illustrated in the chart below, just about every other major investor type has  become a net seller (to the ECB) or a non-buyer of BTPs over the last couple of years.
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