Albert Edwards: Fade Brexit, Worry About Italy

The Italian banking crisis is important, but it is not the primary problem. "It is a symptom of the problem that problem being a perpetually stagnant economy and deflation," he wrote. "Italy simply does not appear to be able to grow inside the eurozone and more importantly probably never will."

Italy may fall in October or may not, but it will eventually occur...

"Indeed the Italian economy has barely grown one jot since it joined the eurozone at the start of 1999 while Germany has grown rich," he said, pointing to one clear winner with many clear losers. "As inevitably people compare their fortunes with that of their neighbours, the Italians are mighty pissed off."

But it's not just the Italians. Based on unemployment figures -- an economic number that impacts most voters the most -- the entire Eurozone, most notably Italy and France, have seen unemployment rise since joining the union. One country, however, has benefited. Germany, the country that has the most significant influence over regional and central banking affairs, has seen its unemployment drop to record lows.