Context
Debt-hit Italy is expected to default; however, Spain may just escape it, said a leading UK think tank, the Center for Economics and Business Research (CEBR). With the nations weighed down by their debt, the CEBR modeled “bad” and “good” financial scenarios for each. It predicted that Italy wouldn’t escape default unless it experiences an unexpected huge rise in economic growth. But it said that there is a real possibility for Spain to avoid default.
