And There Goes Italy...

The Leaning Tower of Pisa

Photo: AP

Italy started off the day looking like it might avoid spinning off the rails again, but already things are going in an ominous direction.The main index, the FTSE MIB, is off about 0.5%.

More worrisome: 2-year yields move up at a furious pace.

They’re currently above 4.7%.

The 10-year spread vs. German Bunds is also at a new record.

The indices have now gone into the green and yields have come down.

Meanwhile, amidst the crisis, the plunging respect for the government, Berlusconi will be addressing (separately) both houses of Parliament today. He has delayed his speeches, however, to be after market hours.

Be worried.

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