Italy is mirroring Greece to a great degree as the Italian parliament votes on a major finance bill this afternoon at 3.30 pm and Berlusconi, may face another vote of no confidence if the bill is thrown out over his failure to deal with the country's debt, standing at over £1.5 trillion. 

Markets are very aware that the current bailout fund is insufficient to bail out Italy and borrowing costs have risen further for the Italian Government, close to critical levels.

Euroleaders are still struggling to agree on the amount of the increased bailout fund and the mechanism for activating it.