. >> if italy were to default, it is absolutely unsalvagable. >> the department at, this week's meetingt economies in france -- there you ve it, this week's meeting of the 20 biggest econonomies in franceut what happenens if italy defaults? >> i hear disaster because it drags in the united states in a big way. the theory is that becausee it is such a disaster, it cannot happen. that is the letter of this. -- l logic of this. they might l greece go, but italy -the central bank w will issue one ever getare necessary. i am not sure if the european central bank can save italy as the feeling of a slow-motion car wreck. >> i don't thinktaly is going to g down. it actually as close to a lanced budget. it has huge debt. and it has berlusconi, which iss a realroblem. but the immeate problem is a greece. as we sit here, wdon't know what is going to happen greece. >> can you draw a connection between the wall street protests which are spreading across the country, and d what is goin on europe? >> i can't do that. the street demonstrations in greece have been a lot like the demonstrion to have had

. >> if italy were to default, it would become unsalvagable. >> we heard in a lot about greece, what happens if italy defaults? >> utter disaster. it would not be contained to europe. a lot of financial institutions have paper affected by italy going down. because it is such a disaster, it cannot happen -- that is the logic of this. europe might let greece go, but italy, they will issue whenever debts are necessary. it has a feeling of a slow- motion car wreck. buddy is -- but it is just intolerable for italy. >> i don't think italy is going to go down. it has close to a balanced budget. it has a lot of debt, and it has berlusconi, which is itself a problem. the immediate problem is greece. >> colby, can you draw a connection between the the wall street protests, which are spreading across the country, and what is going on in europe? >> i can't do that. the street demonstrations in greece have been a lot like demonstrations we have had here, but the causes are different. i think we would be a little stretched to try to draw some correlation between the two. what was interesting about

. >> if italy were to default, it would be absolutely unsalvagable. >> we hear a lot about greece, but what happens if italy goes belly up? >> i disaster to hit it will drag in the united states in a big way. it will not be contained to europe. a lot of the american financial institutions will have a paper affected by italy going down, the french banks and all that. the theory is that because it is such a disaster, it cannot happen. that is the logic of this, that europe, no matter what, might let greece go away, but italy -- whatever gets it necessary, they will prevent that. i am not sure its european central bank can save italy. it has the sense of a slow- motion car wreck, but it is just intolerable for italy. >> i don't think italy is going to go down to it has close to a balanced budget. it has a huge debt, and it has burlesque on a -- berlusconi, which is a big problem the immediate problem is in greece. as we sit here, we don't know what is going to happen in greece. >> can you draw a connection between the wall street protests, spreading across the country, and what is going o