(Ahlul Bayt News Agency) - Italy's financial turmoil is threatening to plunge the Eurozone's third largest economy into a Greek-style crisis, which could push the European Union to the brink of an economic disaster.
The Italian economy faces serious trouble, with a near 0.1 percent growth in the first quarter of 2011 and a national debt estimated at 120 percent of the country's GDP.
On Tuesday, sovereign debt risk premiums soared to Eurozone record highs, sending jitters into Italy's stock market.
This comes as Italian Prime Minister Silvio Berlusconi addressed the parliament on Wednesday, stressing that his country is economically and financially solid.
While Berlusconi tries to sound optimistic about the state of Italian economy, he has also called for broad-based efforts to fight the market turmoil.
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