Oh goody. While everyone awaits tomorrow’s vote in Greece, and struggles to find out whether the recent fillip to Spain’s banks will work, there’s this squib in today’s Barron’s:
Italy is moving into the crisis cross-hairs. That development has chilled any euphoria over the recent Spanish bailout package. Italy hasn’t yet taken international assistance, but its debt-to-GDP ratio stands at 120%. The euro’s end game is Italy, says Ed Altman, a finance professor at New York University. Italy is “too big to save,” says Altman, who fears the euro will survive only if Italy avoids a bailout.
Meanwhile, for an explanation of how the “euro doomsday machine” would work in the event the Greeks vote to kill the euro, see this article from PuffHo business.
I’m off to the store to buy more canned goods.