The Italian job was a great caper movie about stealing gold in beautiful Italy. I was fun but in the final failure. We will see the same thing happen as the Italians try and steal liquidity from the rest of Europe. At about 125% debt to GDP and rates now at 7% for 2-year bonds, there is little room for a successful solutions. The movie had the stars balancing on an edge of a cliff trying to make off with the gold. The situation is a similar cliffhanger and PM Berlusconi is unlikley to be as lucky as Michael Caine.
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