21:01 [Mish Talk] (E)
Italy faces an "Excessive Deficit" ruling, the first in EU history. Italy`s response is a parallel currency proposal. A euro crisis has been brewing for years. Eurozone officials and the ECB have long held the upper hand vs individual countries like Greece and Portugal. However, Italy now has the upper hand, if it chooses to wage war. Let`s backup and start from the beginning to tie this story together.