Italian Economy Crashes!

(Copied from the ''Berlucsconi Resigns' thread - Figured it was thread worthy.)

So, apparently the Italian economy crashed during the night, resulting in large drops in the world economy.
I don't know any real details, as I am only going by the last part of a story in the evening news, and tid-bits that I heard from a family member. Anybody got any news on this?

I did catch though, that apparently the US stock market has fallen 3%, and Australia by 2% as a result of this.

Edit:
http://rt.com/news/italy-debt-eu-bailout-973/ - Sorry, RT. Checked BBC and Al Jazeera, but neither of them have stories on it. The only ones I could find were from news sources or blogs I have never heard of.

This is very fucking suspicious, considering that trollface announced his resignation a couple of days ago.

It seems really unlikely now that the Eurozone is going to survive. Does the EU even have plans for pulling countries out of the Eurozone? This could get really messy.

God-damn southerners!

I'd like to create a federation from France, Germany and the Benelux countries as quickly and painlessly as possible. Leave the other European nations to their own devices (still linked with a some sort of free trade agreement, free travel agreement)....for now.

Bam...core of Europe which is the most pro-europe is integrated. Those outside are less integrated but are happy to do their own thing for the most part. People like the British, with no EU to shout at would eventually claim that "Franco-Germania" has too much power on the continent but fuck them.
Other, well developed, economically sound nations may eventually join the federation like Austria, Slovenia etc. Then, once the southern economies stabilise in about 200-300 years, they can think about sending in their application forms.

Of personal interest to me, is seeing if the UK goes ahead with its "closer links with the Commonwealth" plan the European experiment collapses. Sure, it would be fucking cool but it seems a bit far-fetched. Imagine replacing the queen with a shared, elected head of state, having a Canadian leading the UK and Australia...sounds so cool but impractical.

Well its a wonder that something like european union could last as long as it did....

I'm not sure I believe it, since I haven't seen it on any major news outlets, but if it is true, I am not surprised.

Figured that this was relevent:
http://www.cnn.com/2011/11/08/world/europe/france-sarkozy-netanyahu/index.html?hpt=wo_c2
Oh, and pretty sure that they are still hanging in there...
http://money.cnn.com/2011/11/09/news/international/italy_crisis_bail/index.htm?iid=HP_Highlight
It was posted today at 5AM alore...

Eh, the market is already recovering and relative to the recent EU crisis regarding Greece this was a drop in the bucket. Italy has been on the brink of a financial meltdown for a long time, and the only thing keeping it afloat were the attempts of the EU at stimulus. It hasn't completely sunk, and it has barely shifted in terms of what it could have done, but I don't think that infinite bailouts are really that practical either.

I was having an argument about this earlier on the forums and all i can say is I FUCKING TOLD YOU SO, o.k anyways im personally in favor of a restructuring of the EuroZone like more or less a currency used only by France/Germany/ and the U.K.

Tough Greece has got to go no matter what, and other weaker countries.

The Canadian stock market didn't fall very far only lost 40 points.

We either get economic collapse or United States of Europe. Never a boring day! I'm loving how good the news has been this year.

I find a united states of Europe unlikely, the Europeans might work together sure but its never going to be a united states.

The destruction of the EU would be a blessing. But I don't understand where you're getting this idea of a 'United States of Europe' emerging from this crisis.

Im very interested on how you think the Destruction of the EU would be a blessing?

Because the EU is a nightmarish, byzantine morass that threatens (or would, if it were competent enough to enforce its mandates) liberty across Europe.

German and France are the Economic Power house of the EU and the main leaders of the Euro. If Italy collpse like Greece then the Economic shock wave would probably send the whole western world into a Ecomonic restution. As well weaken the U.S. ready weak Economy. Possible pass- We foundly wake up in the U.S. or we collpse like Greece. Italy is deafly going to collpse even with German or France support. So the EU and the U.S. has to prepare for a another restution.

We need a return of Situationism, Autonomism, and Anarchism to Europe. The collapse of the euro might bring it.

Its time for the French 1968 riots to happen again.

Still don't see the markets going down on this side of the Atlantic.