Wednesday, November 9, 2011
Italian Bonds = 7%
Looks like Silvio & Co. will have to cough up 7% interest on ALL SHORT TERM BONDS ISSUED to keep the Italian debt afloat.
Silvio of the fake hair, assures us that his countrymen will steer the Italian Titanic through the choppy economic waters ahead.
Unfortunately Silvio is so BLINDED BY DELUSION that many around him have no stomach to follow their leader into economic Disney Land.
Bloomberg News reported today that Silvio has offered his RESIGNATION.
Italian debt has EXCEEDED $1.5 TRILLION and is 120% of GDP!!!
The DOW reacted by shedding 300 points at one point this morning.
As the entire Italian-Greek fiasco unravels, the impact across Europe and the US will bring INCREASED VOLATILITY, flows out of the stock market and into TREASURIES as a "safe-haven".
The BIG QUESTIONS are ---
What US banks are EXPOSED to Italian BONDS?
What European banks have exposure?
And finally, can the ECB BAIL OUT GREECE AND ITALY at the SAME TIME?
A rough end of year methinks.