WATCH: This Is The Video That Has Sparked A Brand New Panic In Italy

Why is Italy on the fritz today, with stocks melting down, and yields melting up?

This Economist article on the fate of its Finance Minister Giulio Tremonti is making the rounds. The gist is that he’s a respected member of the conservative government, who stands for austerity and fiscal soundness, and now he’s in jeopardy.

First, there’s a bribery scandal involving one of his close allies.

And then there’s this video, where he was caught on microphone calling a fellow colleague a “cretino” which means cretin. It comes around the 44-second mark.

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