Hey Wall Street how long can the Hopium (Hope and Change) last ??? Can Central Banks and Central Planners can defy Economic Law ???

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 Hey Wall Street how long can the Hopium (Hope and Change) last ??? Can Central Banks and Central Planners can defy Economic Law ???
 

Italy’s borrowing costs have climbed to euro-era highs just a day after European leaders agreed on a new plan to reverse the region’s spiralling debt crisis, a worrying sign they have failed to regain the confidence of key financial markets.

As striking Italian civil servants massed in central Rome to protest against possible forced redundancies, Italy was forced to pay a record 6.06 per cent at an auction of its benchmark 10-year bonds, up from 5.86 per cent a month ago, despite intervention by the European Central Bank on the open market.

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ON THIS STORY

• Analysis Euphoria fades in the cold light of day
• Editorial Liaisons plus dangéreuses
• Japan urges more action on euro crisis
• Italy’s borrowing costs soar at debt sale
• EFSF head optimistic of China’s support

The move comes as European officials have turned to China and Japan for possible funding of the eurozone’s bail-out fund. In Tokyo, Japan’s prime minister, Yoshihiko Noda, told the Financial Times he would like to see “even greater efforts” in Europe to “ease crisis worries by creating a stronger and more detailed approach”.

The world’s third-largest economy remained concerned about possible contagion. “This fire is not on the other side of the river,” Mr Noda said. “Currently, the most important thing is to ensure it does not spread to Asia or the global economy.”

Markets increasingly see Italy as the decisive country for how the eurozone debt crisis plays out.