I guess the one thing we can say about this eurozone crisis is that there’s never a dull moment.
So yesterday we were all digesting the information that Greece was going to hold a referendum: meaning that the last deal didn’t even last a week. Today it gets much more exciting. As Paul Krugman notes, the yield on Italian debt is now over 6%. This is the sort of level where even if Italy wasn’t in trouble it would be, will be, simply because yields are over 6%.