Italian downgrade good, because pushes yields on Italian debt up – and ironically makes it more attractive by downgrade. Ie at AA who wants 5% from Italian debt? But at 7% – AA2 – you’re interested to hold it – especially Japanese. When next round of Italian debt issuance clears – suddenly people optimistic. Counters QE – which proves there was too much QE and it wasn’t understood by Bankers because they don’t think like traders.