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I have to add this:
“Only Portugal,” writes Capital Economics’ John Higgins, where yields took several months to make their next move higher and necessitate a rescue, “offers limited hope for Italy.” Higgins estimates a rescue of at least €600-700 billion would be needed to bail out Italy, and the resources of the European Financial Stability Facility – about €250-300 remaining – will not be enough, particularly after losing Italy as a guarantor if it needs to be propped up. http://www.forbes.com/sites/steveschaefer/2011/11/09/italy-t... Particularly after losing Italy as a guarantor?! "You see, if we call them a receiver rather than a guarantor, well, things just look all wrong." Pushing on string?