10 Year BTP = 6.66%; Italian Treasury Cancels November 10 Bill Auction

Tyler Durden's picture

Save this one for the archive files: The Italian 10 Year yield is now at precisely 6.66%. Alas, we doubt it will stay here for long: the Italian Treasury just announced it was cancelling its November 10 3 Month BOT auction due to, wait for it, "lack of specific cash requirements." Stick a fork in it.

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Hard1's picture

Woe to you oh funds and banks for the devil sends the PIIGS with wrath because he knows the time is short.

Let him who have understanding reckon the exposure of the PIIGS... for it is a human number.  This number is 66.6


fuu's picture

More debts...more debts...more debtss...ok stop debts.

Troll Magnet's picture

I's ain't tak'n nut'n serisly until it's 9-9-9 because 9-9-9 is 9-9-9 and I's all for 9-9-9.

-Average Dumbass GOP Primary Voter

gimli's picture

666 ..... makes me horny

Dr. Engali's picture

With that profile picture I'm sure there are a couple trolls around here that would be glad to take care of that problem for you.

smlbizman's picture

i heard this morn, once you go to 6.5 it is only 16 days till 7.00.....bloom or cnbc, dont recall wich one....

Manthong's picture

That's from mainstream media.

I'm surprised it wasn't followed by the caveat "past performance is not a guarantee of future results".

Or is that going to be included in the next news cycle?


kengland's picture

Iron Maiden said that was the number of the beast. Market yawns

Cow's picture

Revelation 13:15–18

Not sure, but I think iron Maiden came after Revelations.

GeneMarchbanks's picture

Wheeeew! Good thing it's canceled. Would've been rough...

qussl3's picture

Just print already.

Piss China off, you know you want to.

V in PA's picture

It'll make you feel good, good, good...

I learned it by watching you!

bob_dabolina's picture

We can help Italy like we help the middle east. 

Bomb the shit out of them and then provide aid. They need to be liberated.

CrimsonAvenger's picture

Actually, we can save a step by bombing them with rolls of pennies - they can then finance their own reconstruction without any further involvement on our part.

Leopold B. Scotch's picture

Just make sure they're not pre 1982 pennies.  Otherwise, the Italians would just melt them down for their copper value at $ 0.025 / penny. 

Ghordius's picture

been there, done it, called it WWII

I do wish every joke about bombing would end with the joker experiencing a bomb explosion

Socratic Dog's picture

Gonna be a bit embarassing for you when the US finally becomes the recipient of such largess.  Could happen, you know.

EZT's picture

accounting error,we just found xx gazillion Euros, don`t need your money..

Quintus's picture

Italy pulled that trick earlier this year.  Not even they have the balls to try that excuse twice, surely.

Leopold B. Scotch's picture

Yep.  They found it in an account sequentially right next to the one at JP Morgan where all that missing MF Global cash was found... Which itself was found between the cushions of Jamie Dimon's office couch.

Hey, it happens.

JungleJim's picture

.... said couch being found up Barney Franc's a$$ .....

Scisco's picture

Are you suggesting that there is a limit to how low politicians will stoop to save their bacon? I will be truly surprised if such a limit existed.

Mark123's picture

I think they will sell better if they have an organ grinder and a monkey dancing.

NotApplicable's picture

So, if they don't need any cash, is that because they are say... bankrupt?

qussl3's picture

I think people underestimate Italian leverage with the lira card.

They can singlehandedly fuck the ENTIRE western banking estab with one move.

Dont think any pol can survive it tho, and Berlusconi is being systematically declawed.

Leopold B. Scotch's picture

I've long been waiting for the point where it's every-man-for-himself among the power elite, where the political/banking nexus breaks down. 

That time is arrived in the periphery...  Pretty soon the shooting starts to distract it from ever hitting the centers in London and NY... at least, that's what's worked before.

Trade = go long shelters far away from cities with large populations.

Watson's picture

I agree.

Greece, to be blunt, doesn't have much to offer apart from tourism and a bit of agriculture.

On the other hand Italy has a genuinely successful manufacturing sector (the world buys Italian style, if not reliablity).
Add in a continuously depreciating currency (see the old lire), this (plus tourism and agriculture as well) is enough to produce a reasonable GDP/head.

So Italy really can go it alone without too much of a hit to the citizenry.
So there is much less EU leverage on the situation...

Biosci's picture

From FT Alphaville:

As we have highlighted previously it’s worth remembering how quickly bond yields can get out of control by looking at what happened to Greek, Irish and Portuguese 10 year yields. The three sovereigns spent an average 43 consecutive days trading over 5.50% before they went north of 6.00% on a consistent basis  this fell to an average of 24 consecutive days trading over 6.00% before they began trading over 6.50%, and just 15 days trading over 6.50% before the 7.00% level was breached on consistent basis.

Is Italy setting a new record for 6.0 to 6.5?

Mister Ponzi's picture

It is remarkable - to say the least - that even large scale ECB buying on a daily base does not help anymore. This looks damned close like the endgame for Italy.

qussl3's picture

Killing the CDS market may have something to do with that.

Fucktards should have allowed CDS to pay and recap whichever institutions they needed to.

Now without a hedging mechanism, even the suckers wont hold PIIGS crap.

hedgeless_horseman's picture



...and said suckers are herded into U.S. Treasuries, which was and is the point.

And this is how we play the game called Economic Warfare.

Mister Ponzi's picture

Couldn't agree more. Over and over again, politicians punish those investors with foresight to bail out those who were not prudent, took too much risk or simply speculated on a bailout. I'm just not sure whether these consequences are really "unintended" - although given the sheer stupidity of Europe's politicians they are more likely unintended on this side of the Atlantic...

Ethics Gradient's picture

There's larger scale recognition that the only way is down. At least there's a buyer today...

Merkel now has to show her hand - monetize the lot or let it fail.

Mister Ponzi's picture

My guess is the ECB will start to monetize. But a) not before the EMU is at the brink of collapse (which is not yet the case although the brink looks closer every day) and b) probably against the will of German and Dutch ECB members and politicians. This will save the Euro for some time but it will have severe political consequences.

Piranhanoia's picture

The Merkozy's have a problem. They are willing to kill their own nations.  Their people will deal with them in the appropriate manner.  As soon as they realize they are being led to slavery.

Curtis LeMay's picture


This might be a very opportune moment to invest in piano wire concessions.

Such a product will surely be in great need at kiosks up and down the Ku'Damm and Place de la Revolution in short order ;)

Dr. Engali's picture

But I thought they fixed this problem and it was all clear in Europe.

bonderøven-farm ass's picture

Hexakosioihexekontahexaphobia, bitcheez.......


Subprime JD's picture

The ECB needs to stop pussyfooting around and buy more Paper now! My poor beloved ponzi is imploding right before my eyes oh no!!

topcallingtroll's picture

I junked you just because you like it.

You know you want more bitch. Say it!