Italian prime minister Silvio Berlusconi has reached an overnight deal with his allies in parliament on emergency growth measures demanded by the European Union.
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Mr Berlusconi and Northern League leader Umberto Bossi reached a deal on pensions, part of the EU-demanded measures that the Italian prime minister will deliver later.
Education minister Mariastella Gelmini said on TV that Italy will gradually raise the pension age from 65 to 67 by 2025.
Western civilization had a good run I suppose.
...and, no, this is not "ominous."
10.49am: Our Rome correspondent John Hooper says the Italian treasury this morning auctioned €8.5bn of short-term debt (six-month bills known as BoTs) -- and the interest rate was almost 0.5% higher than at the last comparable auction in September. Ominous. The latest rate was 3.535%.
There's nothing ominous about 3.535%. It suggests a modest risk premium for Italian debt, but..it's still effing 3.535%. It's cheap.