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Regular readers don’t need me to spell this one out for them.  It’s like we’re watching a movie where the ending has already been spilled and the only people surprised are the ones performing!  Italian bond yields are hitting 6.65% today.  The inevitability of a 7% yield (the generally agreed upon point where yields become unsustainable) is just bps away.   The bond vigilantes are at the door Mr. and Mrs. Merkozy.  Which will it be?  Break-up?  Or fiscal union?   My guess is they won’t be too patient waiting for their answer.  6 months might be a very generous estimate….

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