BK of Italy sees deficit/GDP at 3.8% in 2011, 1.3% in 2012, -0.2% in 2013

Asumming austerity measures take effect.

• Sees debt/GDP at 119.9% in 2011, 117.8% in 2012, 113.6% in 2013, 108.8% in 2014

Asumming austerity plan takes effect.

EUR/USD seeing accelerated losses. Stops tripped through 1.4470 and we’ve quickly reached aforementioned buy orders around 1.4450.

BOI’s Visco won’t have helped the single currency any in warning of weaker Italian growth, and then pointing out the little fact that weaker growth would impact budget, make it more difficult to reach balance and cut debt.