Mario Monti, the saviour of Club Med, is walking and Italian bond yields are waving him off. Here are the 10-year and 30-year BTPs, with dramatic spikes:
It’s happened: Tradeweb showed bid yields on 10-year Italian bonds quoted above 7 per cent on Wednesday morning. Reuters wasn’t far behind.
Seven per cent is generally seen as “needs a bailout now”, in the context of previous sovereign bond collapses in the eurozone (eg. Ireland) but clearly, who bails Italy? Read more
Il Bunga Bunga festa è finita.
Across all the wires a few minutes ago came the news that Italy’s president, Giorgio Napolitano, had announced that Berlusconi’s resignation was imminent. Read more