Italian 10-Year Yield Surges Back Over 7% After Terrible Auction

This morning's disappointing Italian bond auction has sent the secondary market reeling, with the Italian 10-year yield surging back above the crucial 7%.   3 taps and out?

Italy Govt Bonds 10 Year Gross Yield

GBTPGR10:IND

7.01300 0.01400 0.20%