12 Nov 2011
The European financial crisis continues to worsen as fears grow that Italy may become the latest nation in need of a massive bailout. The European Commission admitted today that the entire eurozone could be plunged into a recession in 2012. While Greece, Ireland and Portugal have already received international bailouts, the debt situation in Italy is considered far more dangerous. It is the eighth largest economy in the world — larger than Greece, Ireland and Portugal combined.
On the political front, Italy remains in a state of upheaval as Italian Prime Minister Silvio Berlusconi has pledged to step down after parliament approves sweeping austerity measures geared to placate markets. Democracy Now go to Rome for an update from Antonio Tricarico, coordinator of the Italian organization Campaign for World Bank Reform and a former economic correspondent at the Italian newspaper Il Manifesto.
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