Italy’s yields are heading towards 8%, which is about the same as South Africa. And South African inflation is flirting with 6% while Eurozone inflation is looking more like 1%.

Europe is in serious trouble and very few South Africans have yet woken up to exactly how serious this trouble is.

[update: intrade betting has it more likely than not that at least one country will leave the Euro by December 2014. If one goes, it’s likely more than one will.]