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Financial market pressure on Italy intensified on Tuesday, sucking Europe's second biggest debtor nation deeper into the euro area danger zone and prompting Italian authorities to call emergency talks.
Italy's stock index fell to its lowest in more than 27 months, dragged down by banks with a heavy exposure to Italian debt. European shares hit a 9-month low amid worries that slowing economic growth will make it even harder to overcome the euro zone's debt troubles. "The fear of the market is that the world is going into recession again... and in the euro zone the peripheral markets are the ones that will suffer most," said Alessandro Giansanti, strategist at ING in Amsterdam.
Originally posted by Chilled Zen
Italy has so much debt that I doubt they can be bailed out. The Germans won't tolerate having to finance another large bailout (they very nearly didn't help Greece) and no other EU country can raise the amount they need.