Now Here's Who Will Get Crushed If Italy Goes Bust

Zinedine Zidane

last night, with a negative outlook.

It cited the country’s weak economy driven by the government’s austerity measures, its debt, and a fragile governing coalition as the main causes for the downgrade.

With contagion fears rising, prime minister Silvio Berlusconi pushing austerity measures, and lowered GDP projections of 0.6% in 2011, Italy is looking sick too.

Sure it isn’t as bad as Greece, but the country needs major changes to its fiscal policy if it is to survive.  

Swiss government debt exposure to Italy totals $5.2 billion

Total lending exposure: $21.4 billion

Source: Bank for International Settlements

Spanish government debt exposure to Italy totals $10.7 billion

Total lending exposure: $35.8 billion

Source: Bank for International Settlements

UK government debt exposure to Italy totals $12.7 billion

Total lending exposure: $68.9 billion

Source: Bank for International Settlements

U.S. government debt exposure to Italy totals $14.38 billion

Total lending exposure: $44.1 billion

Source: Bank for International Settlements

Belgian government debt exposure to Italy totals $17.3 billion

Total lending exposure: $24.9 billion

Source: Bank for International Settlements

Japanese government debt exposure to Italy totals $29.8 billion

Total lending exposure: $41 billion

Source: Bank for International Settlements

German government debt exposure to Italy totals $51 billion

Total lending exposure: $164.9 billion

Source: Bank for International Settlements

French government debt exposure to Italy totals $105 billion

Total lending exposure: $410.2 billion

Source: Bank for International Settlements

More than 50% of Italian debt is domestically owned

Italian government debt is at $2.2 trillion or about 120% of GDP. The government owes almost $37,000 for everyone in its country.

Source: Reuters

While Germany has been cutting its exposure to Greece, France's exposure has surged...

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