"The situation in Italy is very explosive and clearly more dangerous in relation to the crisis in Greece. Greeks in 2010 believed that their country was important enough to destroy the euro. This was a realistic calculation at the time, and the justified fear of a transmission risk gave the Greeks the first aid package.
"Europeans then set up the EFSF and ESM mechanisms to protect the euro," said Harold James, an economics historian at Princeton University, when asked by the German magazine Spiegel how dangerous it would be for the Eurozone and the European Union. And the "League of the North" finally managed to form a coalition government in Italy.
"But Italy is much bigger and much more important than Greece has ever been," James added.
