It really is. The new EU laws prohibit bail-outs with tax money. First the bond holders and savers have to pay. But in Italy that's the Italian public. You know

It really is. The new EU laws prohibit bail-outs with tax money. First the bond holders and savers have to pay. But in Italy that's the Italian public. You know, the people doing the voting. No change the Italian government will accept that. The Italians will want to hand out support-loans and guarantees. and that brings us to yet another EU law (the 2006 banking rules) that will be ignored because if the Italian banks fail, so will Deutsche Bank from Germany. The other important rule, the one regarding the Stability & Growth Pact(1), is ignored by almost all EU countries. (1) https://en.wikipedia.org/wiki/Stability_and_Growth_Pact https://en.wikipedia.org/wiki/Stability_and_Growth_Pact