What would happen to Eurozone and EU if Italy defaults on its debt?

Background & disclaimer

This direct question is an attempt to amend the more expanded question.

Given that this question is not closed speculative, my hope is this one is equally well posed.

  • $\begingroup$ It might be helpful to copy the question into the question text, as well as the title. Right now, it looks like a typical empty nonsense question, until you realize the title is the question. $\endgroup$ – user253751 Jan 11 at 12:10
  • $\begingroup$ @user253751 Thanks. Fixed. $\endgroup$ – walkmanyi Jan 11 at 13:23

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