BOOM! Italy 10-Year Bonds Explode Past 7%

Italy's 10-Year bonds have skyrocketed to 7.48% this morning!

The situation has reached critical mass.  Once the 10-year crosses 7%- it ain't comin back!
Sterling?

Italy Govt Bonds 10 Year Gross Yield (GBTPGR10:IND)

Value 7.25 Change 0.485 (7.158%) Open 6.79 High 7.48 Low 6.75