But more importantly I believe the Italian debt crisis is not an oddity – it lies at the epicenter of a world (private and public) immersed in debt as the global economic recovery ages. It is an example of the systemic financial problems and risks in Europe that have been swept under the rug – and that, over the intermediate term, should not be dismissed as a “one off.” This is particularly true if the ECB, as planned, moves away from a “money for nothing” policy.
