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Despite the fact that Greece seems to have almost been written off and the attention seems to have shifted to Spain, Italy also remains very vulnerable.
Italian Prime Minister Mario Monti has already implemented the necessary reforms. Yet the International Monetary Fund (IMF) warned last Tuesday of Italy's vulnerability. IMF expects that Italy will not show recovery until the beginning of next year and that without further reforms, Italy's growth will still lag behind the rest of Europe in the coming years.
However, the IMF states that Italian banks are generally stable. At the same time, these banks still rely on the European Central Bank, so the web of support for each other is still visible everywhere.
Source: BNR
