Italy just looking for a “ Hair Cut:” like Greece. Want the people to forgive 50% of their debt.
Some countries like Ireland might, but Italy was done in by the fear of bond investors, especially after the 50% non credit event Greek haircut. If they can't guarantee that you will get your money back, and can't insure against that with CDS, they stopped buying, which raised rates on Italy so high so fast, it made the Greek deal irrelevant before it was even begun to be implemented.