> Italy going bankrupt is a far more imminent danger than private banks, and one that would be too big to contain, for example. people don't realize how much i

> Italy going bankrupt is a far more imminent danger than private banks, and one that would be too big to contain, for example. people don't realize how much italian debt is around, i.e. if you own an EMU sovereign bond ETF it will >30% italian debt. If you own a global government bonds fund, it will be 7-8% italian debt. Yet, total bankruptcy seems unlikely, if anything I guess we'd see some restructuring and a loss of 10-20% which would be bad, but could be bearable for some operators.