, Columnist
Italy Loves a Draghi Put
Italian market drama may be only delayed -- deeper problems remain
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The initial market reaction to the Italian referendum is too good to be true. Say hello to the Draghi put.
The "no" vote on constitutional reform on Sunday at first pushed the euro down to almost the lowest since March 2015, but it's starting to recover. The selloff in the 10-year Italian government bond never made it as far as lows seen last week, and it's also on the way up.