tephen Long reported this story
STEPHEN LONG: Ireland's debt was downgraded to junk status yesterday, as the sovereign debt crisis in Europe deepens, but the big worries are Spain and Italy.
Satyajit Das is a globally renowned risk analyst, who accurately forecast the global credit crash and its causes.
He says the growing cost of funding Italy's debt is a major problem and there is now a serious risk of a catastrophic meltdown.
He spoke to me this afternoon.
SATYAJIT DAS: The position is quite serious because Italy has substantial amount of debt per capita, that is per Italian, the debt they have is second only to Greece.
But the real problem in the case of Italy is the quantum of its debt. Its debt is around $2.3 trillion. Now in comparison the Greek debt problem which has plagued the financial markets for now 15 months is only $340 billion. So the scale is very, very large.