italian bond yields @ 6.65%, page-13

Yes. I have heard that gold reserves are available to sell down. However, a sell down will have a detrimental affect on assest backing and their credit rating would worsen, making credit availability minimal. So their economy will stagnate and this is where locals are going to feel it over the next decade. Be prepared for another influx of italian migrants. Argentina and Italy may have more in common now than most Italians would care to admit.