Is EU PIIGs Bottoming ?

Things aren't improving in a straight line in Europe, but progress is being made.

Yields on short-term peripheral debt continue to fall markedly.

For the first time since last March, yields on Spanish 2-year debt have fallen below 3%.

Here's a 1-year look at the Spanish 2-year via Bloomberg

And here's the Intraday look...

It's a very similar story with short-term Italian debt. Major improvement.