As you can see, new vehicle registrations are imploding, down 20% compared to the same period last year and a whopping 43% from the peak in 2007. The US faced a similar implosion in 2009, but the difference is that this Italian implosion may just be getting started as there are no signs that Italy is turning around and doesn't have the Federal Reserve or Cash for Clunkers to "prime the pump".
It may only be a matter of time before Italy needs a bailout as well. Unfortunately, Italy is definitely too big to save.
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