What the crisis in Italy means for your wealth

Borrowing costs are soaring across the eurozone as the Greek crisis morphs into something much more serious. It's fair to say that Europe's leaders aren't really impressing anyone with their crisis management skills. About the only idea they agree on so far is that they should set up their own credit ratings agency. As Viviane Reding, European Justice Commissioner, tells The Times, this would "smash" the 'cartel' of US agencies who want to make life difficult for poor old Europe by pointing out how bust their economies are. But while a pet ratings agency might be entertaining for the rest of us, Europe will have to do an awful lot more than simply pay someone else to pretend Greece is creditworthy. Because now an economy that actually matters is in trouble. Italy.