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Default fear contagion hits Italy

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Default fear contagion hits Italy

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Italy is the latest euro zone country to come under pressure because of default fears.

The price of insuring Italian debt shot up on concern that Italy’s banking sector may need additional cash in order to comply with EU stress tests.

Investors are also worried about the effects of a reported falling out between Finance Minister Giulio Tremonti and Prime Minister Silvio Berlusconi.