My personal view is that due to: a) adverse capital market conditions globally, the return of volatility and higher oil prices, inverted US yield curves as a result of monetary policy tightening, the widening Libor-OIS spreads, which exert pressure on the US dollar money market, the recent US dollar strength vis-à-vis other main currencies.
All the above might have a greater impact on vulnerable countries with low credit ratings and weaker economies. Name it, Italy as described above or Trump’s trade war with China and other major economies, the fog of uncertainty has thickened.