ROME, Italy - April 10, 2012 - Today is a very bad day for Europe's weakest markets.

Both Italy and Spain are getting taken to the woodshed.

Italy’s FTSE MIB index ended the day down 4.9%

The yield on the 10-year Italian bond is up to 5.66%, and a large number of Italan banks got slammed.

There has been similar economic carnage in Spain.