An explanation for the BTP sell-off

At last, it becomes clear why BTPs have sold off over the last week or so.  Istat, the national statistics agency, will now include prostitution, smuggling, and sales of illegal drugs in the their calculation of Italian GDP.   


In a related technical note, Istat confirmed that it is changing the classic expenditure formula for calculating the national income and product accounts to C + I + G + X - M + BB, wherein

C = Consumption
I = investment
G = Government
X = Exports
M = Imports
and
BB = Bunga-bunga

It is believed that this change represents Silvio Berlusconi's greatest contribution to spurring Italian growth in his long career.  Have a good long weekend.


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Anonymous
admin
May 23, 2014 at 2:14 PM ×

you forgot hiring Marco Van Basten, Ruud Gullitt and Tini Cansino

ciao f

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Leftback
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May 23, 2014 at 2:57 PM ×

Post 3-day US Holiday weekend sell-off, anyone? Vanishing volume, Op Ex and VIX expiration gone, protection as easy to obtain as an escort at a Bunga Bunga party? Just a thought.

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