Last act for Italy’s treasure

With its economy in tatters, Italy's cultural heritage was beginning to suffer. Then some patriotic moguls stepped in, writes Barbie Latza Nadeau

THE economic crisis that has swept Europe and brought Greece to the brink of chaos is claiming Italy as its latest victim.

As 10-year bonds hit a 14-year high, effectively pricing Italy out of the money markets, European finance ministers have huddled with furrowed brows in emergency meetings, putting even more pressure on Italian officials, who, in response, have announced an austerity package to the tune of almost €45 billion. However, some are saying those cuts will not go far enough.