Italy on the Brink as Berlusconi Faces Crucial Vote

The twin political and fiscal disasters of Greece’s sovereign debt crisis have spread to Italy, Europe’s third largest economy. Prime Minister Silvio Berlusconi’s governing coalition has crumbled ahead of a crucial budget vote scheduled for Tuesday, and a key ally has demanded his resignation. Interest rates on Italy’s debt rose to 6.47 percent, the highest since the country joined the euro. As Greece negotiates a transitional government, the fate of the euro remains in question. What might this mean for the U.S economy? Joe Nocera,  op-ed columnist for The New York Times, looks at the potential impact.