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Bad idea: Making a little money with its long Spanish debt/short Italian debt trade, it was just...

Bad idea: Making a little money with its long Spanish debt/short Italian debt trade, it was just Thursday Goldman decided to pull the Italian hedge. Italian 2-year notes yields are up 42 bps to 2.40 in the wake of the demise of the Monti government. Spanish 2-year yields rise just 14 bps. Shares in Milan -3.2%, broader Europe -1%. EWI -3.5% premarket.
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