Almost in lock step with the Greek crisis comes the spread of panic to its heavily indebted eurozone neighbor, Italy. Italian Prime Minister Silvio Berlusconi’s coalition government has reportedly rebelled against him, but he has vowed to not relinquish the reins of power. Berlusconi’s government has made Italy a bit of a farcical sideshow given the gravity of the sovereign debt crises wracking its neighbors. Italian President Georgio Napolitano has called on unity from the government in passing the necessary austerity measures to avert crisis. The Italian crisis seems to be playing out in a fashion similar to the current drama in the Aegean with an embattled and unpopular prime minister struggling to wrangle a necessary legislative package from his uncooperative governing coalition. Rather than stepping down, Berlusconi says that elections could be held early next spring and rejects calls for a national unity government.

[Reuters]