Yesterday saw Italian bonds take a serious beating in a development that sent shivers down the spines of every eurozone leader (and everyone else with even the slightest stake in the eurozone) - and todayItalian bonds keep on plunging
, it appears.
EU ministers are simply failing to convince investors that Italy is on a safe distance from Greece, Ireland and Portugal.
The following graph (HT FT Alphaville) shows how alarmingly quick things can move.
"You know, he [Tremonti] thinks he's a genius and that everyone else is stupid...I put up with him because I've known him for a long time and one has to accept the way he is. But he's the only one who is not a team player."
Not exactly inspiring confidence.