Silvio Berlusconi may lose his job over Italy's deteriorating credit situation. If I were him, I'd relish the chance to return to a career running a media conglomerate. It beats running around Europe hat in hand asking China and Germany for dough while trying to explain to investment banks that they really shouldn't worry about insolvency.
Let's get real. Greece and Italy can't pay their debts. Key players in the credit markets have known this for years. They are now trying to decide whether to dump European sovereign debt or arrange flights to some island in Oceania where they can hide from the rampaging mobs at home. The Occupy movement will figure out how to track them if they don't get moving soon.
Nota bene: I don't own any European sovereign debt. I really am too smart for that.