venice canal italy nightWikimedia Commons
Forgive us: We've been on an Italy kick lately, as we try to figure out which country the speculative "wolfpack" is going to invade next.

You can't blame us though, the ratings agencies have been all over it too.

And though we mentioned it as part of our Euro roundup earlier, we just wanted to highlight a few things happening there in the market today.

First, the flagship Milan Borse is down about 2%.

Then UniCredit, the huge bank that's been getting killed lately, is off 5% (though it is up, still, from the depths of last week).

Finally, short-term yields are spiking back close to their old highs.

So it's a real trifecta of market disaster.