The ECB is buying the Italian...

The ECB is buying the Italian Bonds....6.93%

http://www.bloomberg.com/news/2011-11-16/asian-stocks-decline-as-euro-drops-for-a-third-day-on-concerns-over-italy.html

I expect the ECB will keep buying up as a "Lender of Last Resort" until the Yields come down below 5% (or thereabouts)

It will be interesting to see if France, Germany and UK kick up a stink over the ECB moves in this direction WITHOUT the EU approval.....