There is always a price for promises you don't keep!
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Italy is 'bound to default', says CEBR
The Centre for Economics and Business Research (CEBR) said it had modelled good and bad scenarios for the two countries and Italy could not support its debt even if rates fall back unless the eurozone's third-largest economy sharply increases growth. "Realistically, Italy is bound to default, but Spain may just get away without having to do so," said the London-based consultancy. Even though Italy has managed to run tight budgets - and plans to eliminate its deficit by 2014 - with its massive debt it won't be able to escape if it can't boost its growth rate, it said. It calculated Italy's debt would rise from 128pc ... (full story)
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