CHART OF THE DAY: Why An Italian Debt Crisis Should Scare The Crap Out Of Everyone

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If the Greek debt crisis is a tough pickle to solve, it would be nothing compared to a crisis in Italy, which is falling hard after a warning on its debt from S&P.

This chart (via FT) confirms that bank exposure to Italy absolutely dwarfs exposure to Greece and even Spain.

chart of the day, bank holdings of piigs' sovereugn debt, may 2011