Italy has plenty of dent but its deficit is under control, one reason it has not been a focus of euro bears.
According to the Italian Treasury, the January-May deficit stands at E50.1 bln from 56.2 bln for the same period last year. The May 2010 figures even includes E 2.9 bln in funding for Greece…
Pretty impressive.
EUR/USD is consolidating gains in the 1.2288 area after reaching 1.2355 on a panic short-covering move.