Italy's finance minister Giovanni Tria speaks to Il Sole reporters

At the height of the blow up yesterday the Italian-German 10-year bond yields spread rose to about 335 bps but eventually settled around 326 bps.

Despite the pullback, it's enough to already send worries to European assets as the fear now is that if the European Commission and that Italian government continues to fail to find common ground on the budget, things will still get a whole lot worse for Italy's bond market.

As a reminder, the European Commission is set to detail out their response to the revised budget later today.