News that the Greek bond buy scheme did not get sufficient takers to reach the 30 bln euro target set the commentariat ablaze. This may prove to be a minor technicality as Greek banks initially offered 75% of the Greek bonds but were prepared to pitch them all if necessary to ensure EU aid is forthcoming, which is the source of their recapitalization funds. The bigger story is the fall of the Monti technocrat government in Italy. Berlusconi's PDL party pulled support by abstaining economic reform votes at the end of last week. After a series of consultations with the Italian president, it appears that parliament will ... (full story)