Italian Treasury "Discovered" Larger Cash Pile Than Expected; Likely To Withdraw From More If Not All 2011 Bond Auctions | ZeroHedge

Italian Treasury "Discovered" Larger Cash Pile Than Expected; Likely To Withdraw From More If Not All 2011 Bond Auctions | ZeroHedge

you gotta love it when you find some cash in your pocket....

"And the news just gets uber-surreal. According to a Reuters report, the Italian Treasury has a 'larger cash pile than generally perceived according to sources.' As a reminder this is precisely the excuse that Italy used when it scrambled to cancel medium and long-term auctions for late August as was previously noted. Which can only mean one thing: in order to prevent more ongoing routs, Italy will likely now withdraw from all bond auctions for the 'foreseeable future' in order to not give the market a chance to do some real price discovery. Sure enough, the subsequent Reuters headline says that the 'Italian Treasury's cash pile is enough to last most of 2011.' Translation: while Greece, Portugal and Ireland are unable to access capital markets, Italy, as we predicted, has just self-imposed a capital markets exile likely until the end of the year."
Italian Treasury "Discovered" Larger Cash Pile Than Expected; Likely To Withdraw From More If Not All 2011 Bond Auctions | ZeroHedge:

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