The Wire

International concern has been focused on the economic situation in Greece over recent weeks, but attention has begun to shift to other European countries that may face trouble with debt. Italy has started to come under pressure, as investors begin to ask questions about its mounting debt and lucklustre growth. The country’s already high unemployment rate is likely to worsen as other European countries demand that Italy implement tough austerity budgets. Joseph Halevi is an expert on European political economy, and he splits his time between Europe and Australia. He told The Wire that we could be seeing the beginning of a major banking crisis in Europe.