The Mario Monti rally lasted for a couple of hours and that was it.
As you can see, yields started off heading lower, but have quickly erased all of their progress, and have shot sharply higher.
Italy 10-Year Yield
Concurrent with this, equity rallies have collapsed, as markets across Europe are now in the red.
France is off 1.2%
Germany is off 0.5%.
US futures are off sharply.
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