Bond yields on short-term Italian debt rose above 8 per cent on Friday as Rome was forced to pay euro-era high interest rates in what analysts called an “awful” auction.It's all falling apart, but those that advocated this stupid, ridiculous and unworkable currency will get away scot free; it's the rest of us that will suffer the consequences when it all goes wrong.
Italy raised its targeted €10bn in an auction of two-year bonds and six-month bills but at sharply higher yields.
“Rates have skyrocketed. It’s simply not sustainable in the long run,” said Marc Ostwald, strategist at Monument Securities in London.
Friday, 25 November 2011
From the Financial Times: