Italy 277 B Euro Debt to France

277 Billion Reasons Why France Is So Worried About Italy’s Showdown With Brussels

French, German and Spanish banks are now far too exposed to Italian debt for their respective governments to even entertain the idea of pushing Italy to the edge. “Brussels would love to see our defeat,” said Claudio Borghi, the Lega economics chief and budget chairman in the Italian parliament. “They think that we’ll surrender if they cause a crisis for our banks.
Lorenzo Bini-Smaghi, a former member of the ECB board, disagrees. He believes that events are following a similar script to the onset of the Eurozone debt crisis in 2011. “The economy risks tipping into recession in the fourth quarter. The Italian government has not understood this. The crash is going to be violent.”

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