ITALY IMPLODES

Today is a very bad day for Europe’s weakest markets.

Both Italy and Spain are getting taken to the woodshed.

Italy’s FTSE MIB index down over 4%.

When we originally posted this the index was off just 4.1 per cent. It ended off over 4.9%.

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The yield on the 10-year Italian bond is up to 5.66%, and of course a whole bunch of Italan banks got slammed.

Similar carnage in Spain, of course.

This one just got worse and worse throughout the day.

SEE ALSO: 10 awful facts about the Spanish economy >

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