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S&P futures are 30 handles lower this morning as the Italian 10-year bond yield surged above 7%, a dangerously high and unsustainable level.

As the yields on Spanish and French bonds reach Euro-era highs, American banks were revealed yesterday to have significant amounts of exposure to European debt.

Pressure on Greece looks more likely to lead to a cancellation of the referendum, and the market's resilience yesterday perhaps hinted that this outcome was likely.