Seamus Coffey: Italy could trigger a euro break-up if EU leaders don't catch up with markets
THE eurozone debt crisis has gone from a slow-moving wreck that was being dragged out over two years to moving at breakneck pace in only a few days. Italian 10-year sovereign bonds yields have broken through the key 7pc benchmark. This is the level at which Greece, Ireland and Portugal were forced to seek assistance from an EU/IMF bailout. Italy is not in the same category as the original PIGs ... and the difference is one of scale.
At the end of 2010 Greece, Ireland and Portugal had a total government debt of €640 billion. On its own Italy had a debt of €1,840 billion or €1.8 trillion.
Italy is too big to bail.