Bank Transfer Day in Greece

Make that "Bank Transfer YEAR"

as Greeks offshore their savings [above].

[courtesy ZeroHedge]

Meanwhile, how about capital flight from Italy?

Lenders are demanding higher yields to cover default risk.

Or dumping the debt altogether.

Yield on 10-year BTP

[Bloomberg]

As money leaves, Minyanville's Fil Zucchi worries

about what the government will do to stem the tide.

Confiscation, anyone?

From Barclays Capital:

"The higher yields are not compatible with debt sustainability

and therefor require an upward adjustment

of perceived default probabilities,

which makes the debt less, not more attractive."

[Complete report here.]