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Receiving Wide Coverage ...Unlucky Seven: Investors dumped Italian government bonds, pushing their yields up past 7% -- a "psychologically important" level - after LCH Clearnet, a clearing house for European repo trades, raised margin requirements for the debt. As the FT explains, 7% yields had previously "led to both Ireland and Portugal requesting emergency bail-out loans," and while Rome could handle borrowing costs at this level for a year or so, the concern is that these costs could get stuck in a self-reinforcing spiral. (Is that a redundant phrase? We can't decide.) Moreover, Italy's a lot bigger than those other two countries, so a full-blown financing crisis there could be a "game-changer," the FT says. Italy is "too big to bail," and an attempt to rescue it "would stretch the European financial stability facility, the eurozone rescue fund, to breaking point." The fear in the fixed-income market spread to the global stock markets, which tanked. But here comes the cavalry: this morning the FT reports Italian yields have dropped back below 7% following reports that the European Central Bank had intervened. European stock markets are calmer after Italy pulled off a successful debt sale this morning. Financial Times, Wall Street Journal, New York Times, Washington Post