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With spreads over bunds blowing out and........>

BTPS
BTPS: With spreads over bunds blowing out and little evidence so far that
combined monetary and fiscal support has restored market confidence, the
probability of the ECB refreshing the OMT programme at some point in the near
future is increasing. ECB President Christine Lagarde warned during last week's
presser that it was not the central bank's job to close spreads, but if the
market for periphery bonds (particularly Italian BTPs) become dislocated, the
monetary transmission mechanism would become impaired and undermine the ECB's
price stability objective.

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