Europe debt crisis

As the Eurozone debt crisis continues, attention is turning from Greece to Italy as Europe’s third-largest economy is beginning to buckle and worries emerge of more widespread economic collapse than previously thought. Yes, Greece’s debt is bad at $500 billion. But, Italy is at $2.6 trillion (five times larger than Greece’s), and is also at risk of defaulting. Italy is also a much larger economy than Greece, so Greece defaulting is one thing. Italy is completely another.