In recent weeks, Italy has come under the spotlight. In part it's because with Greece bailed out, attention naturally turns to: who's next? It can't be Ireland or Portugal, because they're already bailed out. Spain's issues are well known. So: it's Italy. All the major ratings agencies have been discussing its sovereign rating, as well as its banks, owing to the fact that it's economy is lackluster and its government is a mess. Today its services PMI missed big, showing contraction. And though most European indices are going nowhere today, Milan is off over 7%. Its short-term yields are widening...