Italy easily sold euro7 billion ($9.4 billion) in 12-month bonds on Monday at an interest rate of 5.92 percent, down from last month's record of 6.087 percent.That's a significant change? From 6.087 to 5.92 percent is a "drop?" Really? That is a change of 0.187 percent. While it is greater than 0, it is less than impressive.
The powers-that-be seem to want the Euro to succeed even at the cost of democracy in Europe. Of course the French half of Merkozy - French President Sarkozy - faces re-election in the spring. And I think Ireland would have to have a referendum on a change to the treaty. So the fat lady hasn't sung yet.
And that 0.187 drop for Italy comes amid the euphoria of Friday's "deal." Give it another few weeks, and lets talk about interest rates.