Italy Is Too Big To Fail

  • The ECB shocked the markets last week by arguing it wasn’t in the business of “reducing spreads,” sending shockwaves through the eurozone.
  • Events on the ground have moved so fast that they did an 180-degree U-turn this week, taking out the proverbial bazooka.
  • However, economies are so rapidly deteriorating that we can’t take anything for granted still.

Source: Italy Is Too Big To Fail | Seeking Alpha