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Spain is naturally the focus of all attention at the moment following the €100 billion bank bailout over the weekend, but the bigger problem for Europe is Italy, and it has been since the euro began.
Like Spain, Italy is now in a fully-fledged debt trap, where economic growth is less than the national cost of capital. Without the ability to devalue, Italy has no hope of turning this around.
For the full story visit Business Spectator.