Italy auctioned €7.49bn of three and ten year bonds this morning. It had hoped to sell between €5bn and €8bn.
Yields on three-year bonds rose to 7.89pc, up 2.96pc on last month.
The results place further pressure on Mario Monti, the technocrat prime minister, to drive through austerity measures.
It was the third time in a week that Italy had to pay more than 7pc to auction debt.
Their next step is to seek pay day loans.
Because we sure can't co-sign their loans, can we?
President Barack Obama said Monday the United States stands ready to do its part to help Europe with its deepening debt crisis, even as the White House ruled out any financial contributions from U.S. taxpayers.
If we hadn't been trying our best to match European levels of excess (and to be fair, we have surpassed them in some cases with only our size and position in the global economy shielding us--for now--from paying the price Italy is paying), it would be in our interest to help them to keep their economies buying our stuff.
Are liberals here still blaming our Tea Party's concerns over our borrowing for our credit rating problems rather than our actual borrowing?
