While the focus is still on Deutsche Bank, don't forget about Italy

Over the past two weeks the primary focus by the world's financial caretakers has been on Deutsche Bank, and its potential to collapse several other institutions through the counter-party risk of its $40-70 trillion derivatives book.  But as the markets have appeared since last Friday to shrug off the German bank's imminent insolvency problems, little has been mentioned about the other economy in Europe that are an even greater risk of bringing about the next 'Lehman Moment'.

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Think Brexit was a sea change? It won't be close to the referendum in Europe not being talked about

Turn on most business news stations and you will still hear Brexit being talked about, although now it is mostly as an excuse by companies who failed to make their estimated earnings for the last quarter.

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