EU to buy Italian bonds. The ****'s on the way. A forced selling of the Yen as well. US credit rating cut. It's all happening.
To me it seems that this is good in the short term, but long term will just lead to greater political union between the countries of the EU.
It's as though there's no way out of this Edge. It seems like France is not far off being hit as well. The EU won't be able handle a problem like that, on their own. It'll be global.