I think it's very difficult to make any assumptions about the relationship between Italian debt and the Euro. As to buying straddles, I don't know whether that's a good idea or a bad one, since it will depend on what vol's like. In general, EURUSD vol is pretty high, so your straddles probably aren't gonna come cheap.
BTP future on IB symbol BTP, no sign of an option on the future. There used to be an option on future BTP contract back in the Liffe floor days.