Europe On The Verge Of A Political Crisis

Tyler Durden's picture

And the hits just keep on coming, with the Greek government now just one vote away from total collapse

  • ONE GREEK RULING SOCIALIST LAWMAKER QUITS PARLIAMENTARY GROUP - STATE TV MORE - RTRS
  • GREEK MP'S MOVE REDUCES PM PAPANDREOU'S MAJORITY TO 152 OUT OF 300 DEPUTIES - RTRS
  • More resignations/defections from Greek ruling part is possible according to an Official - Dow Jones

As a reminder 151 votes are needed to pass a vote. But that's not all:

  • Senior member of Italian opposition says party has asked president Giorgio Napolitano to form new government before G20 summit in Cannes

Oh yes, Italy, the one place everyone was terrified about before Greece stormed back to center stage with a bang. Result:

  • ITALY 2-YR BOND YIELD SPREAD VS GERMANY HITS NEW EURO LIFETIME HIGH ABOVE 500 BPS