WINDERMERE, Fla. (Stockpickr) -- Europe is once again teetering on the brink of crisis as the eurozone approaches a key G-20 summit slated for this weekend. The latest drama hitting the wires today was doubt as to whether Greece's parliament will approve a referendum on the country's next bailout.
Some market observers think that Greece is bluffing and that Prime Minster Papandreou is using the threat of a referendum as a way to force the European Union into offering him a better deal on Greece's debt issues. A referendum is a nightmare scenario because it will prolong the debt crisis and could cause a cascading negative effect in the European bond market.
The 10-year Italian debt yields crossed 6% on Monday, which is a level that many traders call the danger zone; between 6% and 7% is where it gets very hard for Italy to service its debt.
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