Italian Austerity Package = Default ?

Telegraph Live: Reports that the Italian Government is thinking of linking its austerity package to a vote of confidence in the Governments. In other words folks the Berlusconi's Government is in trouble, it must be worried that its own Italian MP’s will not vote for the austerity package, as in Greece there have been heavy protests against the plan, as PM Berlusconi is in political trouble with personal scandals, he can not afford to lose this vote. In fact if Italy goes down then the Euro and the EU are dodos.

US and European Markets DOWN

BBC News: Reports on the massive falls in the US and European Stock Markets, the US Down Jones at 3.52pm is down 280.86 points, or 2.50% of its value, rest of Europe with the exception of the UK is down between 1% and 2%. It is the old issue of European debt and the worry that the PIIGS will take down the Euro and a European Country, the main worry being Italy but close by is Spain. The austerity packages will of course cut growth, but if no cut backs then the debts of the PIIGS will just grow out of control. Its is a vicious cycle folks, and it will not end in a hurry, how out of touch was Gordon Brown, to think that the banking crisis would only last six months, its typical of the Labour miss-management of the economy, as with all Labour Governments they miss up the economy and it takes the Conservatives to fix the problem.