by John Galt
June 13, 2012 05:10 ET
Wow. From Bloomberg TV:
1 year (364 day) Italian bond auction this morning-
on May 11th auction went off with a 2.34% yield
This morning with a 3.972% yield.
Can you smell the pizza burning in that Italian kitchen? They may have sold all €6.5 billion put out for bid, but to have yields blow out by over 1.6% is a failure in anyone’s book because it means that increasingly, investors are lumping Italy into the PIIGS stew and shying away from the risk of default in that nation also.
Good luck with that bailout thingamajiggy.