Italy defaulting like Greece. Dominoes falling

[Small Biz Owner]

Italy, Europe’s third largest economy, is facing serious economic difficulties and could seek a large bailout. Multiple media sources say European officials will hold a secret meeting today to discuss the crisis.

Italy’s two largest banks, Intesa Sanpaolo SpA and UniCredit SpA, lost nearly 30 percent of their market value over the past three months.

Standard & Poor’s says it will review its credit rating of Italy, which now has one of the largest public debts in the world, amounting to 120 percent of GDP or 1.6 trillion ($2.246 trillion) euros

[Small Biz Owner]

Update 4 Aug 2011

Berlusconi Speech Falls Flat As Crisis Looms In Italy
NPR - 39 minutes ago

Alarm is spreading through international markets as Italy, the eurozone's third largest economy, risks being sucked into the debt crisis. ...
Italy's Berlusconi seeks growth to calm markets - Reuters
Italy, Spain Face Soaring Borrowing Rates - Voice of America (blog)
Telegraph.co.uk - Washington Post
all 1948 news articles »

[Small Biz Owner]

OK "It ain't so" Still will not change the outcome I believe. Italy is still spending 20% more than it takes in as a nation. That is a formula for bankruptcy in any form as I see it.

[maui1]

when the monopoly game ends, all you do is start the game over again. every country is playing a monopoly game that is controlled (not really) by those that control the gov'ts of the world.

when the game ends, they win, and WE start all over again. good luck everyone! the end of the game is almost here.

[maui1]

when the swiss frank and the japanese yen HAS to be devalued, in order for free trade to continue in those countries, it is a clear sign that even countries that want a stable currency, can't because all the rest of the world are out of control, so they have to play the same game as the rest.

[Small Biz Owner]

Italy and Spain, the eurozone's third and fourth largest economies, are both facing pressure from markets to sort their economies out.

But Italy should be the focus, according to the Centre for Economics and Business Research (CEBR), as it is likely to be the next victim of the debt crisis.

Italy's starting debt position is at 128%, much worse than Spain's 75%.

Italian Prime Minister Silvio Berlusconi's £38bn austerity package is not tight enough, and will not be able to repair its weak economy.

[Small Biz Owner]

This guy is getting desperate.............

Berlusconi urges Italians to hang on to bonds
Financial Times - Guy Dinmore, Rachel Sanderson - ý15 minutes agoý
Silvio Berlusconi has urged Italians to hang on to their treasury bonds and not to take fright at markets which he says are divorced from Italy's economic reality.

[Small Biz Owner]

OK, getting worse by the minute ..........

Italy said it would cancel its August 12 auction for Treasury bonds, or BTPs

[BeenThere...DoneThat...]

Oddball: Why don't you knock it off with them negative waves? Why don't you dig how beautiful it is out here? Why don't you say something righteous and hopeful for a change?
Moriarty: Crap!

[wyouser]

yea Donald Sutherland!!