This is a very big deal. One year ago, the Italian 2-year was at 2.010 and the 10-year was at 3.924. The Italian 2-year is now rapidly approaching where the Portuguese 10-year was one year ago.Maybe it's safer being a sideshow?
What this indicates is that the end of the Euro and the end of the EU in its present form will likely take place within one year. Greece and Ireland were sideshows. Italy is the main event.
Indeed, it looks like the writing is on the wall.
ReplyDeleteItaly entered the EU with a 140% debt to GDP ratio. It is now at 120%. It just doesn't make sense to me.
ReplyDelete