Italian Bond Yields hit 7.4%

• The Italian 10 year yield is at 7.32% after hitting 7.48% this morning.

• From Reuters: LCH.Clearnet Raises Initial Margin Call on Italian Debt

LCH.Clearnet increased the margin on debt from the [Italy] at a time when its bonds yields are close to levels deemed unsustainable.
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When LCH.Clearnet Ltd took similar action on Portuguese and Irish debt as bond yields soared, it added to selling pressure on the paper. Both countries were later forced to seek bailouts.

• European stocks are off today with the FTSE down 2%, and the DAX down 3%.