LACK of Language Skills SAVE Italians from Subprime CRISIS

Italian banks were saved from the US subprime debacle because few financiers speak English.

Giulio Tremonti, Italy's Finance Minister said: " our banks suffered little from the subprime crisis because there are few of them where english is spoken, So their exposure to toxic assets therefore stayed extremely limited.

BE aware, the US subprime crisis snared mostly Americans and other European banks, particularly British ones. "Subprime" refers to high-risk home loans which were repackaged as complicated securities whose values plummeted when the US housing market slipped into reverse.