The New York Times: Reports on the internal political tensions within the Italian Government, the conflict between the Prime Minister and the Finance Minister, how this could threaten the Italian economy. As the article notes folks, if Italy goes then the whole order comes crashing down, US and Western banks hold billions if not trillions of Italian debt, should Italy fail to pass a tough enough economic package then the markets will hit Italy, one has to ask can Italy take a market battering, can the EU/IMF afford to see Italy fail. If this blog was a bank it would start to sell Italian debt under the radar and take out debt cover with US banks should Italian banks be the first to fall. Its not looking good out there folks.
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