EURUSD is down over 120 pips this morning and accelerating as Mario Draghi drops all kinds of tapebombs in his Q&A with his Brussels overlords. Most crucially, slamming EURUSD 70 pips and breaking Wednesday lows, was his admission that while The ECB would “not buy” non-performing Italian bank loans, it would (confirmed by Italy’s Treasury) allow the busted deals as repo collateral (how close to par?) allowing Italian banks to kick the can just a little further.