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  • c1smittycc c1smittycc Nov 14, 2011 1:43 PM Flag

    Italian Bond Yields Flash Warning Signal

    Problem is the ECB is using the debt crisis to manipulate the mks. MF Global bk monkey wrenched the big game. Banks in Europe and banks connected to Europe through CDS swaps r looking at MF Global outcome. Those banks are Citi which has 24.3 billion and JPMORgan which has 44 billion in CDS in the PIIGS. The other American banks that do business with these banks can xpect mkt volatility. Banks w/a cash hoard will getby, others w/leveraged positons suffer. Stress test are coming back to American banks again. glta

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    • Ten-year bond yields in Italy have passed the psychologically important 7pc mark at which most economists agree borrowing costs become unsustainable, for the second time in a week.

      • 1 Reply to z99oo
      • (Telegraph)

        Italy auctioned €7.49bn of three and ten year bonds this morning. It had hoped to sell between €5bn and €8bn.

        Yields on three-year bonds rose to 7.89pc, up 2.96pc on last month.

        The results place further pressure on Mario Monti, the technocrat prime minister, to drive through austerity measures.

        It was the third time in a week that Italy had to pay more than 7pc to auction debt.

        (All key measures of the money supply in the eurozone contracted in October with drastic falls across parts of southern Europe, raising the risk of severe recession over coming months.)

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