ITALY will likely default but Spain could scrape through, the Centre for Economics and Business Research said today as the eurozone debt crisis threatened to engulf the two countries.Just a taste of what awaits us.
The CEBR said it had modelled good and bad scenarios for the two countries and Italy could not support its debt even if rates fall back unless the eurozone's third-largest economy sharply increases growth.
"Realistically, Italy is bound to default, but Spain may just get away without having to do so," said the London-based consultancy.
Even though Italy has managed to run tight budgets - and plans to eliminate its deficit by 2014 - with its massive debt it won't be able to escape if it can't boost its growth rate, it said.
It calculated Italy's debt would rise from 128 per cent of annual output to 150 per cent by 2017 if bond yields stay above the current 6 per cent and growth remains stagnant.
Meanwhile, MSNBC lunatic Martin Bashir and some crackpot diagnose these terrorist psychopaths. They're so cute when they project.
And no, this isn't a comedy sketch.
More on this lunacy from Allahpundit.