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Why Italy may need a bailout, too

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Today’s meeting was called by EU chief Herman Van Rompuy and reportedly included ECB President Jean-Claude Trichet, European Commission chair José Manuel Barroso, EU finance ministers head Jean-Claude Juncker, and leader of the EU economic and monetary section Olli Rehn.

Mr. Trichet on Sunday told an economic gathering in France that Europe was the “epicenter” of a debt crisis that concerned the markets of all advanced economies around the world.

“For Italy it is new data, internal political tensions, and uncertainty,” says Luigi Speranza, a London based economist with French bank BNP Paribas. “For Spain, it is Italy and concern over the banking sector, and uncertainty. But it’s not really about Spain or Italy anymore. It’s about the entire eurozone. It’s quite hard to disentangle it anymore.”

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