The Marvelous Decline In Italian Borrowing Costs

Italy is rapidly becoming "core" Europe, by which we mean, a country seen as having very little sovereign risk anymore.

Borrowing costs continue to plunge, even in just the last few days.

Here's a beautiful 5-year chart of yields on the Italian 2-year. Not only are they close to the lows for the period, they've had a nice job in recent days.

Bloomberg