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Over the past two years, economic crisis has hit Greece, Ireland, Portugal, and Spain.
This time the country in the firing line is Italy, the third largest economy in the eurozone. It may now need a bailout, but its debts are more than those of Greece, Ireland, Portugal and Spain combined: a total of a staggering $2.6 trillion.
If Italy needs a bailout, where is the money going to come from? Is the tipping point for the whole eurozone now close at hand? Is radical change the only way forward? And will a change of leadership make any difference?
Inside Story, with presenter James Bays, discusses with Nicola Rossi, an economist and Senator in the Italian Parliament; Georgi Gotev, a senior editor of Euractiv, an online European news service; and Adam Myers, a senior market strategist for the French Bank, Credit Agricole.
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"There are significant debts, and whether we are talking about the leadership in Greece or the leadership in Italy, the underline concern is still that the voters may not accept any decisions that are put in front of them in terms of austerity in any case. And of course, investors globally are aware of that and so even if issues are resolved in terms of leadership in both countries, it still does not mean that investors will not still take a very pessimistic view of the underline problem and that of course is those countries' indebtedness."
Adam Myers, Credit Agricole
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