Contagion strikes Italy as Ireland bail-out fails to calm markets

In case you've been in a deep slumber for a year, you'd know that Greece and Ireland have defaulted on their sovereign debt and received bailouts from the European Central Bank and International Monetary Fund, the world's central bank.  You'd also know that the bond vigilantes have Portugal and Spain in their crosshairs.

What's less known is Italy and Belgium are also teetering on the brink of a sovereign debt crisis of their own.  For forward thinkers, look at France and Germany itself.  The ECB and IMF are running out of life boats.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8169225/Contagion-strikes-Italy-as-Ireland-bail-out-fails-to-calm-markets.html