Goodbye G-Pap, Hello L-Pap

Na Na Na Na, Na Na Na Na
Hey- Ey- Ey.....

Greek media outlets are reporting that G-Pap has stepped down, to be replaced by L-Pap (Lucas Papademos).
It appears the Greek can has successfully been kicked another 4 inches down the road, and everyone can forget about Greece for the next 24-36 hours and focus entirely on Italy...where the 10-year bond is rapidly approaching the point of no return (7%).

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