Italy's borrowing costs are soaring because global investors are scared Italy can't meet its current financial obligations, let alone new additional obligations.
And as Italy is the Euro Zone's 3rd largest economy, the Euro Zone doesn't nearly have the money to bail out Italy and its global investors. It is time for the Euro Zone to be candid and demand banks write-down some of their debt to Italy and other troubled Euro nations, while the Euro Zone must also call for a global bailout.
Together we can succeed and restore investor confidence, but anything less will fail and take the Euro Zone with it.
Dick
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