Diane. Rome is ground zero for what could be a global financial catastrophe. Italy's financial mess is massive, 2.5 trillion dollars of debt, bigger than the entire economy. And the government is putting everything one the table. 

 

When it comes to treasures, Italy has more than its share. Who can forget Michelangelo's David, or that leaning tower in Pisa. In the past few years, some of these monuments have become billboards--the Roman Colosseum, the canals of Venice. The money-making deal wrapping the bridge of size earned more than $2 million from companies like Bulgari. To keep things afloat, this country will need to borrow 408 billion next year. How many monumental ads will Italy have to sell? More than 272,000, certainly not a workable answer. 

 

--Is it a guarantee that Italy will survive this? 

 

--Unfortunately it is not guaranteed. 

 

So what should they do? Trading in the scandal-ridden Prime Minister Silvio Berlusconi for an economics professor named Mario Monti is the first step. Then comes sacrifice--higher taxes, cuts to the social programs Italians have grown so used to. The people we met told us they are already suffering. 

 

--I've been unemployed for one year so I've already given up some....

 

--Would you be willing to pay higher taxes? 

 

--Well, if I could, yes. But I think we don't have enough money to even eat sometimes. 

 

--What would you give up for Italy. 

 

--Give up Berlusconi. 

 

When Berlusconi tried to introduce cuts last month, Italians let him know what they thought on the streets. The alternative would be much worse of bankrupt Italy, dragging the rest of Europe and the US down with it. 

 

Mario Monti,the presumed next Prime Minister of Italy, apparently saw this coming. He's been working on his own financial reform package for the past four months. No hints on what's in it tonight. But Diane, you can bet Italy along with the rest of the world is anxious to find out.