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Nobel Laureate Prof. Michael Spence on Italian bond yields

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Excerpt from Bloomberg -- "The eurozone is going to stand or fall on the reform programs, Tom and Sarah, in Spain and in Italy and those reforms need time to take effect and get done and so there this issue of yield that was just discussed on the program a moment ago and basically we need intervention by the eurozone core institutions and the IMF to keep these yields under control while the reform programs work. And in order to do that they're going to have to do something that's similar to buying the bonds."

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