Blain's Morning Porridge by Bill Blain
“When Italy tells you it is irrevocably committed to the relationship, it’s time to hire divorce lawyers..”
This morning: May markets are finishing on a dead-cat bounce – things could get more unstable through June. The outcomes in Ukraine are looking less favourable, and Europe will struggle with sanctions. The weakest link is unsurprisingly Italy. A bigger crisis in terms of famine will shortly become apparent in North Africa.
There is a famous song that suggests “things can only better”. What if they don’t?
Europe failed to agree new sanctions on Russia over the weekend. Talks will continue this week, but Hungary is stalling about quitting Russian oil. Sanctions are one of the aspects of its’ non-statehood the EU needs unanimity upon…
