BBC News: Reports that the Upper House Italian Parliament has passed the Governments forty eight billion pounds austerity package, the lower House is expected to give the package the green light. Folks lets recall Greece, Ireland, they passed austerity packages, Greece still needs a second bailout, and Ireland has seen its debt rating cut to junk. Thus this move might not work folks. If Bank start to sell Italian debt, its toxic folks, one has doubts that Italy, Ireland, Greece will ever have the ability to pay back its debts. The iceberg of debt has done its damage folks, its just taking time for these countries to sink.
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