Italy has bond problems. The yield rose to levels not seen since August when the EU had to step in with his bond buying program. 10-year-bonds , BTU’s, jumped to 6.1%. Italy might be at the center of the crisis, but it’s a wild exaggeration to say that Italy’s membership in the European Union is at risk.

Europe cannot get rid of Italy. Unlike Greece it’s not at the periphery. It’s the core of all European civilization. That’s why it’s the only country that was on both sides in World War II. Even with a growing risk of recession, Italy is there for the long haul.