And, with €9bn (£7.8bn) of eurozone government debt held in the bond markets, you need to be brave to bet against the vigilantes. Last week the euro hit crisis point. Silvio Berlusconi was forced into a shame-faced climbdown over his handling of Italy's economy. A €48bn austerity programme will be front-loaded, asset sales accelerated and the country's outdated labour practices liberalised. The measures will mean the public feels the pain of austerity before Italy's elections in 2013. Victory for the vigilantes. But victory, too, for the European Central Bank (ECB) and Germany's hardliners who have been pressing ... (full story)