That doesn't sound too confidence-inspiring. Beeing vaguely familiar with italian culture, i'm figuring, if Greece hid X in off-balance sheet transactions, Italy hides probably X^X.
Based on what has happened over the past few years geopolitically I am betting on a stronger Chinese Yuan after cutting my short position in the EURO.
Premiums on physical golden coins in europe are reaching +5% which is quite substantial really compared to previous months. I take it it is a sign of heavy buying locally.