Italy bond yield rose 10% tonight. It reached the traditional irreversible yield 7%. I didn’t expect it come so quick and it definitely is a side effect of “Greece voluntary hair cut”. Now, most of the Euro banks are selling off the PIIGS bond because the protection of the CDS has gone. In order to keep the Italy bond yield low, ECB has to turn on her turbo to print the money and purchase the Italy bond. ECB can only either save the currency EURO or Italy… it is because if ECB tried to save Italy, it will destroy the currency EURO for sure.