Italy spreads over bunds breaks 450 bp, Draghi's ECB buying Italian Bonds!

The following quote from Gary Jenkins in the FT ,here, has its amusing side when one reflects Jean-Claude Trichet, named by this blog "The turd in the punch bowl" has finally departed, leaving Europe, not just the EU, in the complete and utter chaos that this blog always predicted over many, many years.

“They have created a situation where the only people buying Italian debt are themselves.”

Of course, when one of the Italians being so obliging, is the new head of the European Central Bank, on his first day at work, it probably has its brighter side, other than just the relief at the departure of the one man walking disaster that was Jean-Claude Trichet.

Unhappily the other Jean-Claude, this time the Luxembourger, Juncker , head of the Euro Group of Finance Ministers, is still on the scene, thus other matters are still going haywire! Even those beyond the chaos in Greece? Italian interest rates have smashed above 6.3% this afternoon, read here.

Merkel and Sarkozy have spoken on the phone and may meet tomorrow. Sarkozy has called an emergency meeting for late this afternoon and more importantly the Greek Cabinet is scheduled to meet at 1600 GMT today!