### Comment:
I figured since you seem to understand the politics. Also thanks for the extra DD if you have e any more juicy bits pm me. Did FTSEMIB rally after the European recession in 2010?

### REPLY:
In 2010 it did a bit, but 2011 was the worst year for Italy and, I'd say, Europe in general.   
 Anyway, the best indicator of investors' panic is the spread I mentioned before: the situation will get ugly around 400 pts (as stated by Goldman a few weeks ago).

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