s&p will consider its outlook for sovereign outlook for italy in the coming weeks. some cautiousness may definitely be warranted on the currency, with the euro likely to take its cue from the btplongert said, over the term i would still argue that those political risks may only prove temporary -- a temporary draghi on the euro itself -- drag on the euro itself. so long as their note -- there is no evidence of contagion. i think the ecb remains firmly on track to normalize policy come december, and on the road in 2019. we maintain an upturned projection for the euro, but near-term definitely cautiousness warranted. hundredtb bund spreads spread 265 basis points. at blackrock would this be an entry point in btp? no.elle: i think we need to find out more about exactly what is going to be in this budget submission. last night there was this news that next year's budget headline would be 2.4%. there are now reports suggesting it would be for the next three years, which would be a much bigger deal in terms of their trajectory and really throwing out the euro rulebook. i think italy's partners would have been willing to make a gesture to give them some leeway. government. i think if