Peripheral bond yields are soaring in the first trading session following the solving of the EU debt crisis. Italian 10 year BTPs 42 bps higher to 6.78%. Spain +32 bps to 6.07%. Already written off by anyone other than EU bureaucrats, but still of interest, Greek 2 years 310 bps higher to 151%. The FT's James Mackintosh reckons the rate prices in a hard default by March.