It's like watching a game between 6th graders. The EU leaders push to the last minute, test the market, then do what they have to do.
No one does anything until the market forces action. But this go around the ECB is telling Italy, to go fuck itself and will not help until reforms are passed.
So we will have to see a few more big moving down days before Italy's short-term surplus is gone, and needs the ECB.
Italy doesn't need a bail out, it needs to pass it's reforms. Then the ECB can facilitate a reduction in short-term borrowing. (And this month's crisis is averted.)
Since attention is taken away from Greece, they just stuck their thumbs up their asses and are holding off on an interim PM.
I hope the market slaps them hard enough they actually do something by the end of the week!