[AnAmericanAbroad]

For all you night-owls and market watchers. As of this posting, Italian government bonds have hit the magic number: 7%, considered the level at which debt-servicing costs become unsustainable (from the market point of view).

[Jonty30]

Yay!

We’re so fooked.

Yay!

[SueRae]

Futures are fugly. I sold some stocks yesterday and was intent on buyng others but didn’t hit my price. It looks like I’ll have a better entry point if I choose.

This is just plain nuts.

[BfloGuy]

Greece and Italy must be allowed to go bankrupt, but the Euro-elite won't allow it. They're worried about crashing the European economy.

But that's exactly what they're doing by turning the PIIGS into the equivalent of zombie economies who must spend all the wealth created on repaying debt and supporting government.

In the relatively healthy parts of Europe, the banks have drastically tightened credit to build capital for the inevitable defaults. That is slowing down Germany's economy.

It just looks terrible all the way around.

[Neidermeyer]

http://www.zerohedge.com/news/barclays-says-italy-finished-mathematically-beyond-point-no-return

[Daffynition]

[cornfedcowboy]

Are you in In Italy? Just curious what you hear on the ground about Berlusconi.

[starczar66]

"One last question, Captain Nemo."

"Ask it, Professor."

"You are rich?"

"Immensely rich, sir; and I could, without missing it, pay the national debt of France."

- "Twenty Thousand Leagues Under the Sea" by Jules Verne