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09 November 2011
Italian bond yields of all lengths continued their dangerous ascent...past the unsustainable 7% level...with 10-years breaking 7.5%...despite longtime PM Silvio Berlusconi's statement that he would resign..."in a few days"...after urgent budget reforms are passed.
Berlusconi said "I will resign as soon as the law is passed... I see elections being held at the beginning of February and I will not be a candidate in them."
The bond market apparently believes his resignation is not believable...or enough.
Many Italians are also skeptical.
One summed it up: "I don't know how long it will take for elections or what kind of new government we will have. We don't know how much time is going to pass and if the government will arrive too late."
BLOOMBERG quotes an economist: "The market is testing the commitment of the eurozone stewards. Italy is the real crisis battleground."