Scholz looking sideways

The leaders in Germany may be regretting squeezing the Italian budget for years on budget deficits of 2.3% of GDP rather than 2.1% because it looks like payback time.

Earlier today Greece said it won't be taking part in the EU's proposal to cut natural gas use by 15% and now the Italgas CEO said there is no need in Italy to apply the target. He said the upcoming winter will not be 'so critical' for Italy.

Meanwhile, in Germany, landlord LEG called for limiting heating supplies for its 500,000 tenants this winter.

Taking it even further, Greece's tourism minister invited Germans to spend the winter there rather than freezing at home. Greece gets 40% of its gas from Russia but that pipeline hasn't seen flows reduced and, naturally, Greece has far less need for winter heating demand.