An Italian tripwire for the US recovery?

The world is pinning its hopes on a rapidly accelerating US recovery, but any overexposure of American bankers to Italian bonds could halt this optimism.

The American stock market and Federal Reserve chief Ben Bernanke sent a clear message to the world last night: ‘we are going to restore the US economy and we can ride through the European mess’.

And to underline that message it is now clear the low US interest rates are finally stimulating the housing market and, of course, the shale gas and oil discoveries have many US companies dusting down expansion plans.

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