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Euro crushed as Italian debt spreads balloon to record levels
The Euro is getting creamed against the other majors on the latest developments in Italy and as the EU moves to admit partial Greek default. Will the EU powers that be ever get ahead of the curve on the sovereign debt crisis? Today saw the largest acceleration in Italian debt spreads versus Germany for the cycle as EU leadership convenes today for an emergency meeting on the aggravation of the sovereign debt situation in Italy and on fears that the fiscally conservative and influential Italian finance minister Tremonti is to resign. The 2-year Italian spread to Germany today ballooned over 50 bps wider to a record ... (full story)
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