Today the markets cut up rough on Italian debt. Ten year bonds now yield 7.4% and one year money is priced at 9%. Pundits have told us 7% is the danger level, the point at which borrowing becomes too dear for the Italian state.
We await news from the Euro leaders what they now plan. Does Germany overcome her resistance to the ECB lending to Italy and printing more money? Does Italy now have to petition the IMF for funds?
The markets are moving much more swiftly than the politicians. The problem is jobs, businesses and standards of living are all being chanced on the roulette wheel of the Euro. Is anyone in charge? What is their plan now?