Italian 10-yr benchmark yield at 4.56%; is the bottom in place?

European periphery country bond yields have plunged, after peaking in late November 2011. The catalyst seems two-fold: 1) the success of the European Central Bank's (ECB) long-term refinancing operations (LTRO), which force-fed money into European banks to better match ongoing liabilities, and 2) the edict by the ECB that it would do all to save the euro and that includes "unlimited" bond buying if necessary.

Currency Currents 17 December 2012