The big question, of course, is whether Italy, which is the third largest economy in the EU and troubled creditor with more than $2 trillion in debt, will ultimately vote to leave the European Union . Said Lewitt " Italy’s banking system is for all intents and purposes insolvent. Germany opposed an Italian bank bailout, a position that grows increasingly awkward in view of the problems in its own banking system." "We see a strong “no” vote delaying any fixes to the country’s sick banking system and emboldening populist parties," says Turnill, in his most recent weekly commentary. S&P 500 futures are down, as are European markets.

Source: Forbes December 05, 2016 01:18 UTC