Italy leads European bounce as policymakers walk Lagarde's words back

Italy plunged 17% yesterday and its bond market more or less crashed after ECB head Christine Lagarde disavowed responsibility for the central bank to help that country out.
She later went on TV to try and walk back that rookie mistake, but the toothpaste was already out of the tube.
Today, ECB member and Italian central bank chief Ignazio Visco took to Bloomberg and said the ECB can indeed front-load bond purchases to support any EU jurisdiction. He also said the central bank is at the ready to add to a modest monetary stimulus package announced yesterday.
The Stoxx 600 is higher by 7.25% today, led by a 15.3% advance for Italy (NYSEARCA:EWI). Bond spreads have come in a ton as well, with Italian 10-year yields down 13 basis points to 1.61%, while Germany's rise 15 basis points to -0.59%.
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