European Yields Soar, 7.90% For Italian 2y, 18% for Portugal

The news is very grim from Europe this morning, as if it could get any worse.

Italy paid a record 6.5% to borrow money over six months.

Italy managed to sell the entire10 billion euros, so it was not a "failed" auction like the German a couple of days ago, but it is not know hw much was bought by the ECB.

Italy 2-Yr Yield hit 7.90%, Belgium 5.22%, Portugal 18.38%; Greek 1-Yr Yield... 310%

Stock futures are well down.

Yahoo: "Traders said the ECB was buying Italian and Spanish bonds in an attempt to shore the market up. But given its reluctance to prop up high-debt euro zone governments, its bond-buying program has been conducted intermittently, and never powerfully enough to provide more than short-term stability."