ML-Implode News - A Big Swirling Italian Mess

Coming up with an answer isn't necessarily helpful when you can't even agree on the question. However Italians vote, it may take some time to figure out exactly what the result means to Italy, the Eurozone, the EU, and the global economy. I am fairly confident that the ultimate outcome won't be good, no matter what they choose. The problems are deeper than simple structural reform can cure.
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The entire Italian system is being propped up by the European Central Bank's (ECB) buying of Italy's bonds as part of its overall quantitative easing project. There is a significant revolt involving many members of the ECB who want to scale back if not all together halt the QE program. That would remove the prop from Italian bonds, and their yields would soar back to the 6 to 7% range.''

Good tour-de-force article by Mauldin.

Relevant:

A Big Swirling Italian Mess