Perhaps all of the weakest nations economically in the EU will suffer because the Greek situation cannot be rectified. Perhaps that means there will be no public sector/private sector precedent if Ireland and Portugal face greater debt problems.

No matter what the reason, Italy seems to heave been drawn into contagion’s web. Reuters reports that “European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reflecting concern that the crisis could spread to Italy, the region’s third largest economy.”

Greece still lacks an even semi-permanent solution to its problems, so the market has begun to search for the next sovereign debt crisis victim

Douglas A. McIntyre