Le Budget de Monsieur Bayrou
Iām not shorting French sovereign bonds (OATS) now.
Shorting OATS now would only pay off if there are immediate legislative elections. That could be a result of a vote of no confidence in the Bayrou government on Sept 8.
Other outcomes to the budget impasse are more likely.
None of which makes me enthusiastic about French equites - particularly banks. Only a disruptive early election would hit the Euro .
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