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Italy's key borrowing rate spiked well above the 7 percent level that eventually forced other eurozone countries like Greece and Portugal to seek bailouts, surging to a high of 7.40 percent, up 0.82 of a percentage point from the previous day.

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With debts of around euro1.9 trillion ($2.6 trillion), Italy is considered too big for Europe to bail out. Higher borrowing rates will make it more difficult and expensive for Italy to roll over its debts. It has over euro300 billion ($412 billion) to raise in 2012 alone.

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Germany's "wise men" panel of economic advisers warned the European Central Bank it risks losing credibility by buying the bonds of heavily-indebted euro zone states, and that monetary and fiscal policy are becoming worryingly blurred.

The group, which advises the German government, said in a report published on Wednesday: "The bond buying program dismantles market discipline without establishing any political discipline in its place."

In blurring monetary and fiscal policy, the report said, "the ECB is jeopardizing its credibility, because it is falling under the suspicion of monetizing sovereign indebtedness."

Germany strongly objects to the bond-buying strategy but the ECB's new president Mario Draghi has signaled the bank is ready to carry on buying bonds of troubled euro zone governments.

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You don't know that: the Chinese might buy it out yet.

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ORIGINAL: Iamsemisweet

I doubt the Euro, as we know it, will last the month