It's looking more and more like the Euro is toast. It's game over for Greece, and now Italy's bond yields have moved above 7 percent. Why is that such a big deal? Allow CNN to explain:
The 7% level is significant because that was the mark Ireland and Portugal crossed shortly before receiving bailouts from the European Union and International Monetary Fund. Ireland's actually rose above 8%, while Portugal's breached 9%. And yields for Greek bonds touched the 10% mark.
Italy's overall financial picture isn't especially terrible — people there have not borrowed themselves into a personal hole. It's just that the country's public finances are in tatters. And the third largest economy in Europe can't be in tatters. My Twitter feed isn't optimistic, as the Storify grab below demonstrates.Follow Matthew DeBord and the DeBord Report on Twitter.