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Yields on Italian Bonds Move Perilously Close to Unsustainable Levels
Italy, and its importance as the Eurozone’s 3rd largest economy, has been thrust into the world’s focus as the debt troubles continue to grow. In a follow up to the G20 summit which concluded last Friday, the Italian government was urged to allow for outside monitoring of its fiscal targets. That demand was ultimately acceded to, albeit somewhat unwillingly. Later, in a comment that some have construed as pure arrogance, the Italian Prime Minister, Silvio Berlusconi, commented that he could withdraw that consent at any time. Investors are rightly concerned with two key issues; first, that the Italian economy, ... (full story)