Milan

Milan bourse plunges, spread goes up to 238 points

Investors concerned about Italy seeking EU contribution cut

Milan bourse plunges, spread goes up to 238 points

Milan, June 21 - The Milan stock exchange's FTSE Mib index shed 2.02% on Thursday, dropping to 21,673 points, and the spread between Italy's 10-year BTP bond and the German Bund soared to 238 basis points after closing at 216 on Wednesday. Investors are said to be concerned about tension between Italy and the EU ahead of an informal meeting of several EU States on migration on Sunday and Interior Minister Matteo Salvini's talk of cutting Rome's contribution to the EU budget if the government is not satisfied. The appointment of two politicians considered Euroskeptics to the helm of two important parliamentary committees - Claudio Borghi for the House budget committee and Alberto Bagnai for the Senate's finance committee - is thought to have contributed to the unease.

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