After years of bad governing, Italy is in a bad situation. Signs are pointing to default and such a situation could prove economically catastrophic for the rest of Europe and the worldwide economy. Will Italy default on its debt obligations? How will this affect other countries across the globe?

-Edited by Montana

I'm not certain whether you're asking whether Italy will default or whether Italy should default, but I think the answer to both questions is yes ...

What?!!

I don't really understand what you're asking :S

Although it is basically inevitable, I'm pretty sure that Greece hasn't defaulted yet

I reserve the right as a moderator to make this thread legible. And I shall.

Okay hopefully that's a bit better. I don't really know enough about Italy's economic situation to make a very informative OP.

I think Italy won't default and shouldn't do. A scenario where one of the most important economies of Europe don't pay the debts is so catastrophic I cannot imagine what could happen. Greece is in a totally different situation, very close to the abyss, but from a global point of view it's a very small country. In your opinion the possibility of the worst scenario is real, and, if your answer is yes, it's something that could drive to a disaster also USA?

I wonder when all the counties in the world will realize they're all in debt and just wipe everything clean.

I think someone else could become nervous... Banks, trusts, traders put money on the table to finance the debt. Everything is connected at the end, so to cancel the debt seems to me very difficult.

Yeah but let's be realistic, no government is ever going to pay back their debts.  Start clean and do things right.