Sorry, need to break in with another Italy update.We mentioned earlier, when stocks were more flat, that Italy was the one laggard.
Now it’s a mega-laggard.
The main FTSE MIB index is off 2.2%.
Unicredit is off 5.6! Update: The stock is halted!
Italian short-term yields are now surging.
Remember, if this blows, then it will make the Greek debt crisis look like child’s play, as this chart easily shows.
So what’s going on? The country is now trying to push through its own austerity measure, but there’s chatter that its finance minister Tremonti is on the outs, as the Berlusconi government spins into further disarray.